The Government will limit the availability of the employment termination payment (ETP) tax offset. At present, the ETP tax offset ensures that ETPs are taxed at a maximum rate of 15% for those over preservation age and 30% for those under preservation age, up to an indexed cap ($165,000 in 2011-12 and $175,000 in 2012-13).…
The Government announced that it will not proceed with the 2010-11 Budget announcement for a 50% discount for interest income which was due to commence on 1 July 2013. The Government said its public consultation process involving key sector groups, industry participants and consumer groups “revealed concerns with the complexity involved in calculating the discount…
The Government announced that it would not proceed with the 2010-11 Budget announcement to allow a standard tax deduction for work-related expenses and the cost of managing tax affairs which was due to commence on 1 July 2013. [Thomson Reuters note: In its MYEFO statement released on 29 November 2011 (see 2011 WTB 50 [1898]),…
The Government announced that it will adjust the personal income tax rates and thresholds that apply to non-residents’ Australian income. From 1 July 2012, the first 2 marginal tax rate thresholds will be merged into a single threshold. The marginal rate for this threshold will align with the second marginal tax rate for residents (32.5%)…
The Government did not make any changes to the currently legislated tax rates for residents that are to apply from 1 July 2012 – these were legislated in the package of carbon tax Bills that were passed and received Royal Assent in 2011. Note that the flood levy is also scheduled to cease on 30…
On the web The 2012-13 Budget Papers are available at any of the following websites: 2012-13 Central Budget website Federal Government Parliament of Australia Department of Finance and Deregulation Those websites also link to previous years’ Federal Budget papers going back to 1996-97. Print copies The 2012-13 Budget Papers are also available for sale from…
The following Clean Energy Bills were introduced in the House of Reps on Wed 23.5.2012: Clean Energy Legislation Amendment Bill 2012 – amends various Acts, including the Clean Energy Act 2011 and the Fuel Tax Act 2006, to among other things: ▪ make changes to the liquid fuel Opt-in Scheme which alter the criteria that…
The Financial Services Council (FSC) has expressed concerned that the Australian financial services industry will be unable to comply with the proposed US Foreign Account Tax Compliance Act (FATCA) regulations when they come into effect on 1 January 2013. Mr John Brodgen said that the FSC has briefed US Treasury and will give evidence to…
APRA on Thur 3.4.2012, released the following information on its proposed arrangements for the authorisation of MySuper products: ;Discussion Paper – MySuper authorisation and transition standard Application Form – authority to offer a MySuper product; Instruction Guide – application form – Authority to offer a MySuper product; Draft Prudential Standard SPS 410 – MySuper transition.…
In its SMSF News (Edition 22), issued on Thur 31.5.2012, the Tax Office has advised trustees in the process of winding up a self-managed superannuation fund (SMSF) that it isn’t mandatory to keep open the fund’s bank account until confirmation of the wind-up is received. Rather, the Tax Office says that an SMSF’s bank account…