The Assistant Treasurer has just released on Fri 16.11.2012, for public comment, draft legislation and explanatory material on amending Pt IVA. The draft legislation was prepared following consultation with a roundtable of independent experts and with the benefit of formal advice from senior barristers. [Though significantly, this draft has not been seen by either the…
The Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 has been passed by the House of Reps without amendment and has been introduced in the Senate. It proposes to amend several Acts to, among other things: expand the scope of existing identity crime offences, as well as enact new offences for…
The Customs Amendment (Malaysia-Australia Free Trade Agreement Implementation and Other Measures) Bill 2012 and the Customs Tariff Amendment (Malaysia-Australia Free Trade Agreement Implementation) Bill 2012 were introduced into the House of Reps on 1 November 2012. The purpose of the Bills is to amend the Customs Act 1901 (the Customs Act) to introduce new rules of origin…
The Australian Charities and Not-for-profits Commission Bill 2012 and Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 have passed all stages with amendments and await Royal Assent. The Bills establish a new regulatory system for the not-for-profit (NFP) sector, including the new Australian Charities and Not-for-profits Commission (ACNC). [LTN 212, 1/11] Chartered Accountants…
M o r g a n’ s T a x M o n t h – November 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the September quarter increased 1.4% from the June 2012 quarter to 101.8. The most significant price rises this quarter were for electricity (+15.3%), international holiday travel and accommodation (+6.6%), and medical and…
AUSTRAC has released its annual report for 2011-12 which highlights the growing role of financial intelligence in tackling crime, including tax evasion. The report details how information sharing between AUSTRAC and the ATO contributed to 3,745 cases resulting in $252m in additional tax assessments being raised. AUSTRAC also reported that financial intelligence assisted in 973…
In a speech to the John Curtin Institute of Public Policy, Breakfast Forum Fri 5.10.2012, entitled “Challenges and opportunities for the Australian economy“, the Secretary to the Treasury, Dr Martin Parkinson, raised the issue of “sustainability of the tax system” in terms of whether it can continue (at both the Commonwealth and State level) to…
At its meeting on Tue 2.10.2012, the Reserve Bank Board decided to lower the cash rate by 25 basis points from 3.5% to 3.25%. Reserve Bank Governor Glenn Stevens said the Board judged that, on the back of international developments, the growth outlook for next year looked a little weaker, while inflation was expected to…
The SA Government has announced changes to assist new home buyers. The proposals include: increasing the First Home Owner Grant (FHOG) for new homes from $7,000 to $15,000 (ongoing) for eligible contracts entered into on or after 15 October 2012; reducing the FHOG for established homes from $7,000 to $5,000 for eligible contracts entered into…