The Financial Services Council (FSC) has called on the Federal Government to consider whether the income and asset tests for the Age Pension are too generous and whether the long-term cost of the pension is sustainable. It is 2014-15 Federal Budget submission, the FSC says it is concerned that the stability of the retirement system…
At its meeting on Tue 4.2.2014, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. Bank Governor Glenn Stevens said the Board judged that the setting of monetary policy remained accommodative. In the Board’s judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with…
The NSW Civil and Administrative Tribunal has affirmed a land tax reassessment that had been issued to a taxpayer for the 2013 land tax year. The matter concerned a second reassessment of land tax for the 2013 land tax year, which had been issued to the taxpayer (a trustee of a family trust and conceded…
The NSW Court of Appeal has affirmed the Commissioner’s decision denying a taxpayer the principal place of residence (PPR) land tax exemption for the 2004 to 2009 land tax years (inclusive). The taxpayer became the owner of the subject property in 2002. Located on the property was a 3-bedroom house and a free-standing corrugated iron…
Three taxpayers have been successful before NSW Court of Appeal in a matter concerning additional mortgage duty. In an earlier decision, the NSW Supreme Court had in part upheld a decision of the Commissioner that additional mortgage duty was payable by the taxpayers on a deed of variation under which the time for payment by…
The State Taxation Legislation Amendment Bill 2014 (Vic) was introduced into the Victorian Legislative Assembly on 4 February 2014. It proposes to implement a number of measures announced in the Victorian State Budget Update for 2013-14 (handed down in December 2013), including measures in relation to the congestion levy and gaming arrangements. Among other things, the Bill also proposes…
Tax Practitioners Board (TPB) Chair, Ian Taylor, says a key focus this year for the Board is ensuring that all registered agents are meeting their professional indemnity (PI) insurance obligations. This includes the requirement for registered agents to provide the Board with policy details that are up-to-date. The TPB Chair is also encouraging registered agents…
Financial planners that give tax advice in the course of giving financial advice will come within the tax agent services regime under the Tax Agent Services Act 2009 (TASA) with effect from 1 July 2014. The Financial Planning Association (FPA) will launch a comprehensive education campaign to prepare planners for this change, starting on Wed 19.2.2014, with…
The Australian National Audit Office’s Report No 19 assessing the effectiveness of the ATO’s complaints and other feedback management systems in supporting service delivery was tabled in Parliament today [Wed 12.2.2014]. The report noted that the ATO said the main reasons for complaints in recent years were: audit and review activities, in particular concerning the…
The Inspector-General of Taxation (IGT), Ali Noroozi, on Mon 10.2.2014, announced the commencement of public consultation for developing his new work program for 2014 and beyond. “My work program seeks to target areas that potentially provide the greatest improvement to tax administration for all Australians by consulting publicly and widely with taxpayers, tax professionals and…