The Accounting Professional and Ethical Standards Board (APESB) on Thur 14.11.2013, released amendments to the Australian Code APES 110 Code of Ethics for Professional Accountants (APES 110) to align it with the recent amendments to the international Code issued by the International Ethics Standards Board for Accountants (IESBA). The Board said the revisions to the…
At its meeting on Tue 5.11.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. Bank Governor Glenn Stevens said the Board judged that the setting of monetary policy remained appropriate. He said the Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in…
ASIC has on Tue 5.11.2013, launched an online hub to help small business owners and operators better understand their legal obligations and the role of ASIC. Small businesses account for 96% of all businesses registered with ASIC. In 2012, ASIC consulted key stakeholders and conducted an online survey with small businesses to better understand their…
Members of the Institute of Chartered Accountants Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) have overwhelmingly voted in favour of the proposal to amalgamate and create One New Institute. Members of both Institutes voted throughout October 2013 on the proposal to create a single trans-Tasman Chartered Accountants Institute. The following results have been…
It is understood the WA Government will move to amend the law in response to the WA State Administrative Tribunal’s decision in Aveland Pty Ltd v Comr of State Revenue [2013] WASAT 180. In that case, the Tribunal held a property, partly developed by a taxpayer to become an 80 unit retirement village, was entirely…
The WA Office of State Revenue (OSR) has recently issued the following Commissioner’s Practices: TAA 27.0 (Interim assessments) – outlines the circumstances in which the Commissioner will make an interim assessment of a portion of transfer duty or landholder duty prior to making a complete assessment of the taxpayer’s duty liability. The Commissioner’s Practice took…
The Tasmanian State Revenue Office (SRO) has issued a factsheet on the Tasmanian Government’s announcement to increase the First Home Builder Boost from $8,000 to $23,000 (see Tasmanian Premier’s media release, 7 November 2013). Combined with the First Home Owner Grant of $7,000, first home buyer assistance in Tasmania now totals $30,000. The new Boost applies to…
RevenueSA has advised that the SA Treasurer has approved an ex gratia scheme to extend the housing construction grant to new homes located in residential parks and retirement villages. RevenueSA has issued Revenue Rulings FHOG003 and FHOG004 concerning the ex gratia scheme in relation to residential parks and retirement villages, respectively. Further information on the…
The Qld Office of State Revenue (OSR) has issued the following new Public Rulings: DA505.2.1 (Dutiable value of transfers of land to local governments) – sets out the Commissioner’s practice in relation to the evidence he may rely upon to establish the dutiable value of land transferred to local governments in particular situations. Similar matters were previously…
The Qld Office of State Revenue (OSR) has issued Public Ruling TAA060.4.1 (Impact of refund on unpaid tax interest for another outstanding liability). It clarifies how the Qld Commissioner of State Revenue will exercise his discretion to remit unpaid tax interest under s 60 of the Taxation Administration Act 2001 (Qld) on an amount of primary…