The Treasurer on Wed 7.11.2012, announced that Australia had commenced formal discussions for an intergovernmental agreement with the United States to minimise the impact for Australians of the US Foreign Account Tax Compliance Act (FATCA) in Australia. Mr Swan made the announcement after meeting with US Treasury Secretary Tim Geithner in Washington DC. FATCA was…
In a media release on Thur 15.11.2012, Federal Opposition Leader Tony Abbott pledged that a Coalition government would simplify the administration of superannuation reporting, allowing small businesses to remit compulsory super payments for workers directly to the ATO, which would then have responsibility to distribute the payments to individual superannuation funds. He also promised that…
On 2 November 2012, the Federal Opposition Leader Mr Abbott released the Coalition’s deregulation agenda. He said stronger economic growth, greater investment, more innovation and higher productivity could be generated if Australia changed the way it addressed regulation. Mr Abbott said excessive regulation created greater costs than benefits and discouraged investment and the willingness to…
The Business Tax Working Group has completed and submitted its final report on business tax reform to the Treasurer. The final report is unchanged from the draft final report released by the Working Group on 24 October 2012 [which in turn could not recommend any base broadening change to our income tax laws to lower…
The International Tax Agreements Amendment Bill 2012 was introduced in the House of Reps on Thur 29.11.2012. It contains the following amendments: amends the to give the force of law in Australia to the Protocol to amend the DTA between Australia and the International Tax Agreements Act 1953Republic of India, which was signed in New…
The Tax Laws Amendment (2012 Measures No 6) Bill 2012 was introduced in the House of Reps Thur 29.11.2012. It contains the following amendments: : amends Sch 2 of the to extend the interim streaming rules for managed investment trusts until the commencement of the new tax system for managed investment trusts. DATE OF EFFECT:…
The Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill 2012 Tue 27.11.2012, passed the House of Reps with 7 Government amendments and now moves to the Senate. The Bill proposes to make amendments to various Acts to bring forward the time at which money is recognised under the relevant law as lost or unclaimed.…
The Private Health Insurance Amendment (Lifetime Health Cover Loading and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 28.11.2012. It proposes to amend the Private Health Insurance Act 2007 and make minor consequential amendments to the ITAA 1936, ITAA 1997 and the Taxation Administration Act 1953. The Bill provides for…
The following Bills have on Thur 22.11.2012, passed all stages and effectively await Royal Assent: Tax Laws Amendment (2012 Measures No 5) Bill 2012 – passed all stages with 3 Government amendments made in the House of Reps, the Bill contains a range of miscellaneous amendments including phasing-out of the mature age worker tax offset;…
The Assistant Treasurer on Thur 22.11.2012, released draft legislation, which proposes amendments to Australia’s transfer pricing rules. According to the Government, the proposed amendments are designed to modernise the transfer pricing rules contained in Australia’s domestic law, ensuring that they better align with the international standards set out by the Organisation for Economic Co-operation and…