The Government Thur 18.4.2013, released draft regulations designed to ensure that unregistered business names that were on the Australian Business Register (ABR) before 28 May 2013 can continue to be publicly disclosed by the Registrar of the ABR until 30 June 2014. The proposed regulations would amend the A New Tax System (Australian Business Number) Regulations 1999. COMMENTS are…
The House of Reps Economics Committee will hold a public hearing this Thursday, 18 April 2013 into the Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013. The hearing will cover 3 schedules in the Bill: Schedule 1 which proposes to define a “documentary” for the purpose of accessing film tax offsets, and makes explicit…
The Commissioner has made a PAYG withholding schedule under s 15-25 of Sch 1 to the TAA – Schedule 30 – Tax table for back payments, commissions, bonuses and similar payments (NAT 3348), registered today [Mon 15.4.2013]. It contains a tax table to help employers and other payers work out the amount required to be withheld from…
The Fringe Benefits Tax Amendment Regulation 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Thur 11.4.2013. The purpose of this amending Regulation is to exclude living-away-from-home (LAFH) allowances and benefits, including certain expense payment benefits and residual benefits, from being reportable fringe benefits for Commonwealth employees posted both overseas and…
The Government on Fri 12.4.2013, released for comment draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset. The new feature of the R&D Tax Incentive would allow eligible small and medium companies to access their R&D refund on a quarterly instalment basis. Quarterly credits will mean that,…
The Attorney-General’s (Spent and Redundant Instruments) Repeal Regulation 2013 was registered on the Federal Register of Legislative Instruments on Mon 8.4.2013. The repeal instrument follows on from amendments made by the Legislative Instruments Amendment (Sunsetting Measures) Act 2012 (which received Royal Assent on 22 September 2012). The Regulation repeals 1,005 spent and redundant instruments (including income tax…
The Government Thur 4.4.2013, released exposure draft legislation and explanatory materials which propose to implement the third and final element of the Investment Manager Regime (IMR). The Government said the purpose of Element 3 of the Regime is to provide tax certainty to widely held foreign managed funds investing in Australia. It will do this…
M o r g a n’ s T a x M o n t h – April 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in April 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
On Mon 4.3.2013, ASIC released its finalised guidance (RG 246) to help industry understand the practical operation of the ban on conflicted remuneration and how ASIC will administer it. The ban on conflicted remuneration is part of the FoFA reforms, and applies to both personal and general advice given to retail clients about any financial…
The Australian Bureau of Statistics on Tue 5.3.2013, released the Government Finance Statistics (GFS) for the December Quarter 2012. They show that, for the 3 months ended 31 December 2012, taxation revenue increased by 13.9% from $92.6bn to id=”mce_marker”05.5bn. During the same period, general government sector expenditure exceeded revenue, resulting in a GFS net operating balance of -2.9bn. The…