By notice in the Commonwealth Gazette, the Minister for Industry has, pursuant to subs 22(1) of the Industry Research and Development Act 1986, and effective from 15 November 2013, revoked the Innovation Grants Committee of Innovation Australia. [LTN 224, 19/11/13]
The Treasurer on Wed 13.11.2013, introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource…
The Prime Minister and the Minister for the Environment on Wed 13.11.2013 introduced a package of 11 Bills in the House of Reps to repeal the carbon tax from 1 July 2014 and make related tax and other amendments. The Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 – proposes to repeal the legislation that…
The ATO has made a determination (registered on Thur 7.11.2013) which provides certain monthly PAYG instalment payers with an additional and simplified method of working out the amount of monthly instalment liabilities in accordance with the Taxation Administration Act 1953. The ATO noted that during consultation of the proposed changes to introduce monthly PAYG instalments…
M o r g a n’ s T a x M o n t h – November 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
At its meeting on Tue 1.10.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. RBA Governor Glenn Stevens said the Board judged that the setting of monetary policy remained appropriate and will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation…
AUSTRAC, on Tue 29.10.2013, released its 2012-13 Annual Report. It was tabled in Parliament on Tue 29.10.2013 out of session. It showed a significant increase in international funds transfers during 2012-13. AUSTRAC said it received more than 84 million financial transaction reports from Australian businesses during 2012-13. This total includes almost 80 million reports of…
The Financial Services Council (FSC) says the Government’s proposed “Son of Wallis” inquiry will be a once in a generation opportunity to reposition Australia’s financial services industry for future growth and to set in train the right structure and policies to keep the economy strong. Speaking at the recent FSC Deloitte panel discussion on Son…
The Minister for Small Business has announced that the Government has commenced outlining some of its plans to transform the Federal Small Business Commissioner’s role. Mr Billson said the Coalition wants to create a single entry point for small business “to access Federal small business programmes and support, to contribute to making Commonwealth laws and…
In then anticipation of the election of Bill Shorten as Leader of the Federal Opposition [which has now occurred], the Prime Minister said he had spoken with the Governor-General, Her Excellency the Hon Quentin Bryce AC. Mr Abbott said the Governor-General offered to leave office early to avoid any perception of bias, but he said…