Daily Archives: March 2, 2017

*US IRS delays key FATCA start dates – which is the date by which non-US (foreign) financial institutions are expected to comply (16)

The US Internal Revenue Service (IRS) has postponed the implementation of new rules – in the Foreign Account Tax Compliance Act (FATCA) – requiring participating foreign financial institutions (FFIs) to complete certain FATCA withholding and reporting obligations in respect of their account holders. The new start dates are set out in IRS Announcement 2012-42. [LTN…

US FATCA laws – ASFA urges Inter-governmental Agreement (15)

ASFA has called on the Government to quickly conclude an intergovernmental agreement (IGA) between Australia and the US (based on the published US Model IGA) for the purposes of the proposed US Foreign Account Tax Compliance Act (FATCA). In a submission to Treasury, ASFA also called on the Government to ensure that the IGA includes…

Asian Century White Paper released by Government – including guidance on tax policy (14)

The Prime Minister on Sun 28.10.2012, released the Australia in the Asian Century White Paper, which sets out a number of national targets to achieve by 2025 to ensure the country “will be a more prosperous and resilient nation, fully part of the region and open to the world”. Areas targeted for a more productive…

*MYEFO 2012-13: monthly PAYG installments for big companies; pension phase assets’ income to remain exempt after death, and other super changes (13)

The Treasurer on Mon 22.10.2012, released the Mid-Year Economic and Fiscal Outlook 2012-13 (MYEFO) revising down the expected Budget underlying cash surplus to id=”mce_marker”.1bn for 2012-13 (down from id=”mce_marker”.5bn estimated in the May 2012 Budget). Mr Swan said the reduction in the estimated surplus has been driven by a further write-down in tax receipts of…

*Medical expenses tax offset – draft legislation to reduce the benefit and then means test the reduced benefit – per the 2012 Budget announcement (10)

The Government Mon 29.10.2012, released exposure draft legislation which proposes to implement the 2012 Budget announcement to introduce a means test for the net medical expenses tax offset from 1 July 2012. Under the proposed new means test, people with adjusted taxable income above the Medicare levy surcharge thresholds ($84,000 for singles and $168,000 for…

Limited recourse debt arrangements: draft legislation released to extend Div 243 to arrangements where in substance the debtor is not fully at risk (9)

The Government on Thur 25.10.2012 released Exposure Draft – Tax Laws Amendment (2012 Measures No 6) Bill 2012 proposing to amend the limited recourse debt provisions in Div 243 of the ITAA 1997. The draft legislation seeks to give effect to the Government’s 2012-13 Budget measure to ensure that the limited recourse debt tax provisions…

*Removing tax impediments for business restructures: draft legislation released (8)

The Government today Fri 12.10.2012, released draft legislation to remove income tax impediments for business restructures. In particular, these changes would seek to amend the ITAA 1997 (principally Div 124) to: provide revenue asset and trading stock roll-overs where interest holders exchange their units in a unit trust for shares in a company; broaden beyond…

Federal Circuit Court of Australia Legislation Amendment Bill 2012 – passed by House of Reps (7)

The Federal Circuit Court of Australia Legislation Amendment Bill 2012 was passed by the House of Reps on Wed 10.10.2012, without amendment and now moves to the Senate. It will amend the Federal Magistrates Act 1999 and other legislation to rename the Federal Magistrates Court as the Federal Circuit Court of Australia, and to change…

More Bills referred to more Parliamentary committees (6)

The Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 has been referred to the Parliamentary Joint Committee on Corporations and Financial Services for report. The has been referred to the Regulatory Powers (Standard Provisions) Bill 2012Parliamentary Joint Committee on Law Enforcement for report. The Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other…

Various Bills referred to the Senate Legal and Constitutional Affairs Legislation Committee for report in November (5)

The following Bills have been referred to the Senate Legal and Constitutional Affairs Legislation Committee for report: Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 (see above) – report due by 19 November 2012; Freedom of Information Amendment (Parliamentary Budget Office) Bill 2012 (see above) – report due by 19 November…