The Tax Laws Amendment (2013 Measures No 2) Commencement Proclamation 2013 was registered on Thur 11.7.2013. It fixes 11 July 2013 as the start date of the commencement of new rules to provide tax incentives for designated infrastructure projects contained in Parts 1 to 3 of Sch 1 to the Tax Laws Amendment (2013 Measures No 2) Act…
The Government on Wed 24.7.2013, released a Treasury scoping paper examining the risks to the sustainability of Australia’s corporate tax base. Assistant Treasurer David Bradbury said the paper “represents an important piece of analysis, framing the challenges to Australia’s corporate tax system both in terms of our own history and in the broader international context”.…
The Coalition has on Fri 19.7.2013, indicated that it does support the Government’s proposed FBT changes concerning company cars and will not implement them if elected. Shadow Treasurer Joe Hockey said the Government’s announced FBT changes “fly in the face” of the Henry Review which recommended in 2009 that: “The current formula for valuing car fringe…
The new Treasurer Chris Bowen has taken primary responsibility for financial services and superannuation (following the resignation of Bill Shorten as the former Minister of Financial Services and Superannuation). The Assistant Treasurer David Bradbury has taken on the role of Minister Assisting for Financial Services and Superannuation (and has been sworn in as a Minister…
M o r g a n’ s T a x M o n t h – July 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in July 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Victorian State Revenue Office (SRO) has advised that effective from 1 July 2013, the new motor vehicle rate of duty for passenger cars is as follows: $0 – $60,316 – $6 per $200 or part thereof; greater than $60,316 – id=”mce_marker”0 per $200 or part thereof. [120, 25/6/13]
The International Consortium of Investigative Journalists (ICIJ) has announced that it has published a database that it says will help begin to strip away the secrecy across 10 offshore jurisdictions. The ICIJ says the Offshore Leaks Database allows users to search through tens of thousands of secret companies, trusts and funds created in offshore locales, and…
In a decision handed down on Tue 18.6.2013, the NSW Court of Appeal dismissed a taxpayer’s appeal against an earlier decision which had refused the taxpayer’s claim for the principal place of residence (PPR) land tax exemption for the 2005 to 2009 land tax years (inclusive). The taxpayer was assessed as liable for land tax…
RevenueSA has issued the following Information Circulars: Information Circular 58 – interest rates in respect of refunds (for successful taxpayer objections and appeals) and tax defaults effective from 1 July 2013; Information Circular 59 – 2013-14 Emergency Services Levy rates; Information Circular 60 – cessation of the SA Payroll Tax Exporters Rebate Scheme; and Information Circular 61…
At its meeting on Tue 4.6.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.75%. RBA Governor Glenn Stevens said the Board judged that the easier financial conditions now in place “will contribute to a strengthening of growth over time”, consistent with achieving the inflation target. The Board decided that the…