In a recent speech, the Treasurer spoke on the possibility of considering a carry-back losses regime that is capped, in particular, in the context of a “patchwork economy”. Mr Swan noted that the US, Canada and France have allowed “3 year carry back in recent years”. He said it made “sense for Australia to have…
Treasury has released the Government’s Forward Work Program for Tax Measures as at 5 March 2012. The forward work program sets out the timetable for current and proposed consultation on tax and superannuation measures. It includes: details of discussion papers currently open for consultation eg TOFA tax hedging provisions; discussion papers currently in preparation eg…
Treasury has released documents that were released under a Freedom of Information request in relation to the abolition of the CGT trust cloning tax exception to CGT events E1 and E2 announced by the then Assistant Treasurer on 31 October 2008. [LTN 49, 13/3]
The Government on Wed 7.3.2012, released 2nd exposure draft legislation which proposes to implement Elements 1 and 2 of the Government’s proposed Investment Manager Regime (IMR). The amendments to income tax law will clarify how certain income of foreign funds, for 2010-11 and prior income years, are taxed. The changes address a key area of…
The Prime Minister announced on Friday 2.3.2012, a number of changes to the Cabinet and Ministry. These include: David Bradbury becomes the new Assistant Treasurer, and will also move into the newly-created position of Minister Assisting for Deregulation. Bernie Ripoll becomes Parliamentary Secretary to the Treasurer. Brendan O’Connor moves into Cabinet to take the position…
The Government has announced it will extend the start date of the Australian Charities and Not-for-profits Commission to 1 October 2012. This follows extensive consultation with the not-for-profit sector. The Assistant Treasurer said the extension would also provide more time for the Commission Implementation Taskforce to prepare and distribute further guidance materials to assist charities…
Assistant Treasurer Mark Arbib announced on 1 March 2012, that the Government would seek to amend Part IVA of the income tax law. Senator Arbib said the amendments would ensure that the general anti‑avoidance rule, known as Part IVA, continued to be effective in countering tax avoidance schemes that are carried out as part of…
The following Bill that received Royal Assent on 29 March 2012 as follows: Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 – Assent as Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012, Act No 23 of 2012. [LTN 62, 30/3]
The Tax Laws Amendment (Shipping Reforms) Bill 2012, Shipping Reform (Tax Incentives) Bill 2012, and 3 other related Bills were introduced in the House of Reps on Thur 22.3.2012. The Bills form part of the Government’s Stronger Shipping for a Stronger Economy legislative package. The reforms aim to provide beneficial regulatory and tax arrangements to…
The Government on Fri 16.3.2012, released an exposure draft of proposed amendments that would implement the first stage of reforms to transfer pricing. They are on the Treasury website and were announced by the then Assistant Treasurer on 1 November 2011. The Assistant Treasurer said the draft legislation takes into account a number of key…