The Australian Government has introduced the Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015 containing measures designed to ease the tax impost for employee shares schemes, to make Australia’s taxation of those interests more competitive by international standards, and to assist Australian companies to attract and retain high quality employees in the international…
The government has released exposure draft legislation introducing a new tax system for managed investment trusts. It is proposed this new system will broadly apply to income years starting on or after 1 July 2015 (the deferred start date as announced in the 2014/15 Federal Budget). The new rules will apply to trusts that are…
M o r g a n’ s T a x M o n t h – April 2015 Developments – This is a collection of developments in Australian tax law and practice that occurred in April 2015 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
ASIC [on Tue 31.3.2015] launched the first stage of the new Financial Advisers Register, which is now available on ASIC’s MoneySmart website. ASIC has also updated information for investors about choosing a financial adviser including what questions to ask on its MoneySmart website. The register contains details of persons employed or authorised – directly or…
Treasury [on Thur 5.3.2015] released its 2015 Intergenerational Report (IGR) – Australia in 2055 highlighting the fiscal challenges over the next 40 years from an ageing population. In responding to the report, Treasurer Hockey said that the Government will continue to focus on the key drivers of economic growth – participation and productivity. The report…
A taxpayer has been unsuccessful before the Appeal Panel of the NSW Civil and Administrative Tribunal in seeking the principal place of residence (PPR) land tax exemption in respect of a property for the 2013 land tax year. The Commissioner had issued the taxpayer a land tax assessment on the basis that he was entitled…
In a decision handed down [on Tue 17.3.2015], the NSW Civil and Administrative Tribunal held the land tax exemption sought by 2 taxpayers for a child care facility under s 10(1)(u) of the Land Tax Management Act 1956 (NSW) did not apply in respect of the property for the 2014 land tax year. The taxpayers purchased…
The Taxation Legislation Amendment Bill 2015 (WA) was introduced in the WA Legislative Assembly on Thur 26.3.2015. The Bill primarily seeks to amend the Pay-roll Tax Assessment Act 2002 (WA) to introduce a gradual diminishing tax-free threshold from 1 July 2015. Under the proposed arrangement, the benefit of the tax-free threshold will gradually phase out for employers…
The Taxation Legislation Amendment Bill 2014 (WA) on 9 March 2015 received Royal Assent as the Tax Legislation Amendment Act (No 2) 2015, Act No 8 of 2015. The Bill had passed all stages with amendments made in the WA Legislative Council. It amends the Duties Act 2008 (WA), Land Tax Assessment Act 2002 (WA), Pay-roll Tax…
The Back to Work Bill 2014 (Vic) has passed all stages of the Victorian Parliament with amendments made in the Legislative Assembly and Legislative Council and awaits Assent. The Bill establishes a Back to Work Scheme for the purpose of providing relief to employers in respect of the costs associated with hiring certain unemployed or…