*Major tax Bills passed: Pt IVA and transfer pricing amendments; loss carry back; medical expenses rebate, etc [5]

Tax Month - June 2013

The following Bills were all passed by the Senate Tue 25.6.2013, without amendment and effectively await Royal Assent: Tax Laws Amendment (2012 Measures No 6) Bill 2012 – contains amendments concerning: FBT and in-house benefits, medical expenses rebate, managed investment trusts (MITs), limited recourse debts, native title benefits, exploration expenditure, deductible gift recipients (DGRs), and…

International Cricket Council Development International Limited to be tax exempt for 5 years – Regulations registered [10]

Tax Month - June 2013

The Income Tax Assessment Amendment (Exempt Entities) Regulation 2013 was registered on Mon 17.6.2013. It amends the Income Tax Assessment Regulations 1997 to prescribe the International Cricket Council Development International Limited (IDI) as exempt from income tax for a period of 5 years, from 1 July 2013 to 30 June 2018. [LTN 114, 17/6/13]

*Tax Laws Amendment (2013 Measures No 3) Bill 2013 – Financial planners get 12-month extension to comply with TASA: Bill introduced and passed [2]

Tax Month - June 2013

The Tax Laws Amendment (2013 Measures No 3) Bill 2013 was introduced in the House of Reps on Thur 20.6.2013 and has already been passed without amendment so it can be introduced in the Senate. It proposes to amend the Tax Agent Services Act 2009 to bring entities that give tax advice in the course…

Effective lives of Depreciating Assets determined by the Commissioner – new determination registered [9]

Tax Month - June 2013

The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Fri 7.6.2013. It commences on 1 July 2013 and amends the Income Tax (Effective Life of Depreciating Assets) Determination 2001 to provide taxpayers in specific industries and for specific assets with effective lives as…