The 3 Bills that propose to means test the 30% private health insurance rebate have now passed all stages and await Royal Assent. The changes will start from 1 July 2012. The Bills are the Fairer Private Health Insurance Incentives Bill 2012, Fairer Private Health Insurance Incentives (Medicare Levy Surcharge)Bill 2012 and the Fairer Private…
The Commissioner on Thur 15.3.2012, registered a Legislative Instrument to defer the due date for providing the Commissioner with copies of payment summaries in respect of employment termination payments or departing Australia superannuation payments, until 14 August following the end of the financial year in which the payments are made. The Instrument revokes Legislative Instrument…
Treasury has received 10 public submissions in response to the exposure draft of the Corporations Amendment (Phoenixing and Other Measures) Bill 2012. The Bill, among other things, proposes amendments to the Corporations Act 2001 to provide ASIC with a discretionary power to place a company into liquidation under certain circumstances. The Bill is currently before…
The Government on Wed 14.3.2012, released draft legislation which proposes to amend the Income Tax Rates Act 1986 to reduce the corporate tax rate from 30% to 29% for the 2013-14 and subsequent income years. This reduction would apply to: for an ordinary company – the company’s taxable income; for a company that is a…
The Tax Laws Amendment (2011 Measures No 9) Bill 2011 has now passed all stages without amendment after passing the Senate on 1.3.2012. The Bill contains amendments concerning: CGT rollovers and business restructures; GST – financial supply provisions & new residential premises; consolidating super; DGRs; miscellaneous amendments (eg deceased estates and CGT main residence exemption,…
The Tax and Superannuation Laws Amendment (2012 Measures No 1) Bill 2012 was introduced in the House of Reps on Thursday 1.3.2012. It contains the following amendments: Withholding refunds: amends the Taxation Administration Act 1953 to provide the Commissioner of Taxation with a legislative discretion to withhold entitlements to high risk refunds pending refund integrity…
The Tax Laws Amendment (2012 Measures No 1) Bill 2012 was introduced in the House of Reps on Wed 21.3.2012. It contains the following amendments: Disallow deductions against rebatable benefits – amends the ITAA 1997 to implement the 2011-12 Budget announcement to disallow deductions against all government assistance payments from 1 July 2011. The Budget…
M o r g a n’ s T a x M o n t h – March 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in March 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Qld Civil and Administrative Tribunal has confirmed the decision of the Qld Commissioner of State Revenue to deny the discretion to de-group 3 “independent pharmacies” from a group for payroll tax purposes thereby affirming payroll tax assessments issued for the 2003 to 2008 financial years. The case essentially concerned the controlling interests of 2…
A taxpayer has been unsuccessful before the Full Court of the SA Supreme Court in its appeal against an earlier decision affirming the Commissioner’s decision to deny the de-grouping provisions contained in s 18I(1) of the Pay-Roll Tax Act 1971 (SA). The taxpayer had sought orders to exclude it from a group for SA payroll…