The following Bills received Royal Assent on 21 June 2012: Tax Laws Amendment (2012 Measures No 3) Bill 2012 – Act No 58 of 2012. It contains amendments re: ETP tax offset; minors and low income tax offset; tax exemption for clean energy payments; withholding tax rate of 15% to apply to income derived by…
The Social Security Amendment (Supporting Australian Victims of Terrorism Overseas) Bill 2011 was on Thur 21.6.2012 passed by the House of Reps with 11 Government amendments and now moves to the Senate. Among other things, the Bill proposes to enable Australians who are victims of a declared overseas terrorist incident to claim financial support of…
The Tax Laws Amendment (Investment Manager Regime) Bill 2012 was introduced in the House of Reps this on Thur 21.6.2012. It contains the first 2 elements of the Government’s proposed Investment Manager Regime. The Bill proposes to amend the ITAA 1997 to prescribe the treatment of returns, gains, losses and deductions, on certain investments of…
The Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 has, after being passed by the Senate Wed 20.6.2012, now passed all stages without amendment and effectively awaits Royal Assent. The Bill will increase the Medicare levy low-income thresholds for individuals and families for the 2011-12 income year, as announced in the 2012-13…
The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 was passed by the House of Reps on Tues 19.6.2012 without amendment and now moves to the Senate. But it was close! The agreement for the second reading of the Bill was passed by 73 votes to 71. The Opposition then moved 3 amendments,…
The Taxation Administration Amendment Regulation 2012 (No 4) was registered on the Federal Register of Legislative Instruments on Thur 28.6.2012. It commences on 1 July 2012 and amends the Taxation Administration Regulations 1976 to add the Cook Islands, Macau, Mauritius and the Republic of Korea to the list of foreign countries and foreign territories contained…
New Bill introduced As foreshadowed by the Assistant Treasurer on Wed 20.6.2012, a separate Bill was introduced to double the withholding tax rate on Managed Investment Trusts (MITs). The Tax Laws Amendment (Managed Investment Trust Withholding Tax) Bill 2012 was introduced in the House of Reps on Thur 21.6.2012. It proposes to make consequential amendments…
The Government has deleted from a Bill measures announced in the 2012-13 Budget that proposed to double the withholding tax rate from 7.5% to 15% on foreign investment in managed investment trusts (MITs). The Tax Laws Amendment (2012 Measures No 2) Bill 2012 was passed by the House of Reps Wed 20.6.2012, with 2 Government…
The following Bills have been referred to Parliamentary committees: *Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has been referred to the Senate Economics Legislation Committee for inquiry and report by 14 August 2012; Privacy Amendment (Enhancing Privacy Protection) Bill 2012 has been referred to the Senate Legal and Constitutional Affairs Legislation Committee…
The Coalition has indicated its position on a number of Bills to be debated in Federal Parliament: Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 – the Coalition said it would be moving amendments to this Bill, and if unsuccessful, would oppose the Bill; Tax Laws Amendment (2012 Measures No 2) Bill 2012,…