The Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 was passed by the House of Reps today on Thur 16.5.2013 without amendment and was then introduced in the Senate where debate was adjourned. The Bill proposes amendments to Pt IVA of the ITAA 1936 to ensure its effective operation as the…
The Private Health Insurance Legislation Amendment (Base Premium) Bill 2013 was introduced into the House of Reps on Wed 15.5.2013 [the morning after the Federal Budget]. The Bill proposes to implement the Government’s 2012-13 MYEFO announcement that from 1 April 2014, the premium to which the Private Health Insurance Rebate is applied will move in line with…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2013-14 financial year. The details are: HELP repayment rates from 1 July 2012 For repayment income in the range Percentage rate to be applied to repayment income Below $51,308 Nil $51,308 to $57,153 4.0% $57,154 to…
The Tax Laws Amendment (2013 Measures No 2) Bill 2013 was introduced in the House of Reps on Wed 29.5.2013. It is a large Bill containing the following amendments: Monthly PAYG instalments: would amend Div 45 of Sch 1 to the Taxation Administration Act 1953 to require certain large entities to pay PAYG instalments monthly. Entities will…
The House Standing Committee on Economics on Tue 14.5.2013, tabled its report on Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013. The Bill contains amendments concerning: documentaries and film tax offsets (Schedule 1); ex-gratia payments made to people affected by natural disasters (Schedule 2); GST instalments (Schedule 3); DGR list (Schedule 4);…
The Tax Laws Amendment (Medicare Levy) Bill 2013 was introduced in the House of Reps on Wed 15.5.2013 [the morning after the Federal Budget] to give effect to the Government’s Budget proposal to increase the Medicare levy low-income threshold for families, as well as the dependent child component of the threshold. The Bill proposes to…
The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was passed on Tue 28.5.2013, by the House of Reps without amendment and now moves to the Senate. The Bill contains amendments concerning: GST instalment system – Bill would amend Div 162 of the GST Act to enable entities that are paying their GST…
The Tax Laws Amendment (2013 Measures No 1) Bill 2013 was introduced in the House of Reps on Wed 15.5.2013. It contains the following amendments: : the Bill proposes to amend the ITAA 1997: to Strengthening CGT scrip-for-scrip roll-over and other small business concessions (Schedule 1)ensure that certain integrity rules in the small business concessions and…
On 14 May 2013, the Treasurer handed down the 2013-14 Federal Budget, his 6th, and arguably most difficult, Budget. Significant revenue shortfalls over those budgeted for (despite growth in overall revenue collections year-on-year), and Government spending commitments such as the National Disability Insurance Scheme and the Gonski school reforms, placed considerable pressure on framing this year’s Budget.…
Expenditure on mining rights and information will no longer qualify for an immediate deduction. According to the Government, this change will address situations where an immediate deduction is being claimed for the costs of acquiring an interest in natural resources that have effectively already been discovered. Mining rights and information first used for exploration will…