The Board of Taxation on Tue 25.3.2014 (also), released for comment a discussion paper on the debt/equity rules. The Board noted that it had been asked to undertake a post-implementation review of the rules including whether there can be improved arrangements within the Australian tax system to address any inconsistencies between Australia’s and other jurisdictions’…
The Board of Taxation Tue 25.3.2014, released for comment a second discussion paper raising issues in accordance with the extended terms of reference given for the post-implementation review of Div 7A of Pt III of the ITAA 1936. The paper supplements the first discussion paper released in December 2012. The Board has made some preliminary observations in relation…
Treasury on Wed 12.3.2014, released for comment draft legislation and draft regulations to implement the 2009-10 Budget proposal to re-state and centralise the special conditions for tax concession entities. In December 2013, the Government had announced that it would proceed with the proposal. The changes propose to: re-state the “in Australia” special conditions for income tax exempt…
The Social Services and Other Legislation Amendment Bill 2013 was passed by the Senate on Wed 5.3.2014, with Govt and Opposition amendments and now must go back to the House of Reps for consideration of those amendments. The amendments concern, among other things, the commencement of measures in the Bill regarding FTB and eligibility rules,…
The Australian Charities and Not-for-profits Commission (ACNC) is calling on charities to share their experience of red tape in the sector through an online survey. The survey is conducted by Ernst and Young and is part of a wider research project to measure the baseline of red tape imposed on the sector. Specifically, the survey…
The Australian Charities and Not-for-profits Commission (Repeal) (No 1) Bill 2014 was introduced in the House of Reps on Wed 19.3.2014. It proposes to repeal the Australian Charities and Not-for-profits Commission Act 2012, thereby abolishing the Commission. The Government said that, given the regulators in place before the Commission was established can provide similar regulatory…
The Taxation Administration Act 1953 – Provision of further time for lodgment of the 2014 Minerals Resource Rent Tax (MRRT) Return – Low volume non-payers’ Instrument (No 1) 2014 was registered on Fri 7.3.2014. It allows entities that are covered by it further time to lodge their 2014 MRRT return in light of the announcement…
The ATO on Mon 3.3.2014, registered Taxation Administration Act 1953 – Nil rate determination and exemption from lodging Minerals Resource Rent Tax (MRRT) Instalment Liability Notices – Instrument (No 1) 2014. The Instrument determines a nil instalment rate for explorers, pre-production taxpayers and simplified MRRT method taxpayers under s 115-45(3) of Sch 1 to the TAA and…
The Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 was negatived at Second Reading stage in the Senate Tue 25.3.2014 – the vote was 47:8 against. The Bill will therefore not proceed. The Bill contained measures to repeal the mining tax, abolish company loss carry-back, wind back capital allowance deductions for small business,…
The package of 9 carbon tax repeal Bills [the other 2 Bills in the original 11 Bill package – the Clean Energy Finance Corporation (Abolition) Bill 2013 and the Climate Change Authority (Abolition) Bill 2013 – had previously been negatived at Second Reading stage in the Senate] were on Thur 20.3.2014, negatived at Third Reading…