The Statutes Amendment and Repeal (Budget 2012) (No 2) Bill 2012 was introduced into the SA Legislative Assembly on 1 November 2012. It proposes to amend the Stamp Duties Act 1923 (SA) to introduce a stamp duty concession announced in the 2012-13 SA Budget that will apply for the next 4 years for purchases of…
Pursuant to s 62TBA(7)(c) of the Land Tax Management Act 1956 (NSW), the amount of $406,000 has been determined as the tax threshold for the 2013 NSW land tax year (up from $396,000 for the 2012 land tax year). Further, pursuant to s 62TBC(4) of the Act, $2,482,000 has been determined as the premium rate threshold for…
The State Revenue Legislation Further Amendment Bill 2012 (NSW) was assented to on 29 October 2012 as Act No 76 of 2012. It had passed all stages without amendment and, among other things, makes various amendments to the Duties Act 1997 (NSW) to: clarify the liability to duty on a transfer of a partnership interest…
The Federal Court has granted the Tax Practitioners Board’s application for imposition of pecuniary penalties and related declaratory and injunctive relief in relation to the respondent’s contraventions of s 50-5(1) of the Tax Agent Services Act 2009 by providing income tax return services to 14 clients without being a registered agent. As a result of…
The Tax Practitioners Board (TPB) has announced that it has appointed ASG Group, an IT business solutions provider, to provide it with an all cloud solution. TPB Secretary Mark Maskell said the Board is one of the first Australian Government agencies to use an all cloud-based solution. Mr Maskell said the technology will enable it…
In a decision handed down on Tue 6.11.2012, the AAT has rejected an applicant’s application for registration as an individual tax agent. The applicant in this case applied for review of a decision of the Tax Practitioners Board to reject her application for registration as an individual tax agent under the Tax Agent Services Act…
The Tax Practitioners’ Board (TPB) has advised that it has commenced work on developing 2 draft information sheets. Board Chairman Dale Boucher said the first one deals with managing conflicts of interest and the second one deals with how offshoring and outsourcing of tax agent and BAS agent services interacts with an agent’s obligations under…
The report of the Joint Committee of Public Accounts and Audit (JCPAA) on the ATO’s administration of the tax system was tabled in the House of Reps on Mon 26.11.2012. Entitled Report 434: Annual public hearing with the Commissioner of Taxation – 2012, the report marks the 10th time the Committee has conducted a public hearing…
The Inspector-General of Taxation (IGT), Mr Ali Noroozi, on Thur 22.11.2012, announced terms of reference for his review into the ATO’s administration of penalties and called for stakeholder submissions. “Concerns with the ATO’s administration of penalties have persisted over a number of years. Given the level of concerns raised with me by individual and business…
The Inspector-General of Taxation (IGT), Mr Ali Noroozi, on Tues 20.11.2012, announced terms of reference for 3 reviews relating to the ATO’s compliance approaches to individual taxpayers. The three areas for review are: The ATO’s income tax refund integrity program – this review will consider the efficiency and transparency of the integrity program and whether…