The Government has asked the Board of Taxation to conduct review to identify features in the tax system that are hindering or preventing small businesses from reaching their commercial goals. In making the announcement on Fri 28.3.2014, the Government said it was “fully committed” to the Tax White Paper process and that the Board’s “review…
Speaking on the final day of the Tax Institute National Conference on Fri 28.3.2014, Parliamentary Secretary to the Treasurer, Steven Ciobo, revealed that Treasury and the ATO have established a Working Group with representatives of the private sector to look at creating a power for the Tax Commissioner to resolve unintended and anomalous outcomes, known…
The ATO on Thur 27.3.2014, launched “Project DO IT: Disclose Offshore Income Today” in a bid to urge taxpayers with offshore assets to declare their interest ahead of a global crackdown on international tax havens. The ATO said its offshore voluntary disclosure initiative (OVDI) provides a last chance opportunity for those who haven’t declared their…
The Government on Mon 24.3.2014, released for public comment draft legislation to amend the income tax law to prevent dividend washing. The Government announced it would proceed with this measure on 6 November 2013, as part of its consideration of the announced but not enacted measures of the former Government. Dividend washing (also referred to as distribution…
The Tax Laws Amendment (2014 Measures No 1) Bill 2014 was introduced into the House of Reps on Thur 27.3.2014. It contains the following amendments: GST excess refunds – the Bill proposes to amend the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. The amendments would allow…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Student Financial Supplement Scheme (SFSS) for the 2014-15 financial year. The details are: SFSS repayment rates 2014-15 For repayment income in the range Percentage rate to be applied to repayment income Below $53,345 Nil $53,345 to $65,497 2.0% $65,498 to $92,970…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2014-15 financial year. The details are: HELP repayment thresholds and rates 2014-15 For repayment income in the range Percentage rate to be applied to repayment income Below $53,345 3.0% $53,345 to $59,422 3.5% $59,423…
Treasury on Tue 25.3.2014, released for public consultation exposure draft legislation, which seeks to implement the Government’s announcement of a legislated protection of taxpayers, in relation to announced by un-enacted tax amendments. On 14 December 2013, the Government had announced that it would not proceed with 48 announced but un-enacted tax and superannuation measures. The Government had…
The Assistant Treasurer has gazetted a notice declaring, under s 30-85(2) of the ITAA 1997, that the following funds are developing country relief funds: Australians for Cambodian Education Public Fund; Connecting Hands Cambodian Relief Fund; FDCC Fund; Half the Sky Foundation Australia Limited-Overseas Aid Fund; HearingNepal Program Inc. Developing Country Relief Fund; ISIS Overseas Development Aid…
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,…