The Australian Charities and Not-for-profits Commission Bill 2012 and the Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 were passed the House of Reps on Tue 18.9.2012, with 15 Government amendments and now move to the Senate. The Bills seek to establish a new regulatory system for the not-for-profit (NFP) sector, including the…
The Tax Laws Amendment (Investment Manager Regime) Bill 2012 received Royal Assent on Thur 13.9.2012, as Act No 126 of 2012. The Bill had passed all stages without amendment and contains the first 2 elements of the Government’s Investment Manager Regime – the FIN 48 measures or “Element 1” of the IMR and the “conduit…
The Personal Liability for Corporate Fault Reform Bill 2012 was introduced in the House of Reps on Wed 19.9.2012. It implements the Council of Australian Governments’ (COAG) Directors’ Liability reform, which aims to harmonise the imposition of personal criminal liability for corporate fault across Australian jurisdictions. The amendments proposed to be made by this Bill…
The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 received Royal Assent on 8 September 2012 as Act No 115 of 2012. It had passed all stages without amendment and makes retrospective amendments with effect from 1 July 2004 to confirm that transfer pricing rules contained in Australia’s tax treaties and incorporated into…
The in the House of Reps on Wed 19.9.2012. It contains the following amendments: amends the ITAA 1997 to phase out the mature age worker tax offset from 1 July 2012 for taxpayers born on or after 1 July 1957. DATE OF EFFECT: 1 July 2012; amends the definition of “eligible no-till seeder” in s…
The Tax Laws Amendment (2012 Measures No 4) Bill 2012 effectively awaits Royal Assent after having been passed without amendment by the Senate on Wed 19.9.2012. The Bill contains amendments re: LAFHAs; GST and representatives of incapacitated entities; consolidation and penalties. The Bill had been amended in the House to delete the existing Sch 1…
M o r g a n’ s T a x M o n t h – September 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2012and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian Bar…
In a decision handed down Fri 10.8.2012, the Full Federal Court dismissed the Commissioner’s appeal thereby confirming the September 2011 decision of the Federal Court in Visy Industries USA Pty Ltd v FCT [2011] FCA 1065 that the taxpayer was entitled to a deduction under s 8-1 of the ITAA 1997 for an “indemnity fee”…
In giving the recent 8th Annual Tax Lecture at the University of Melbourne, the Hon Justice Gordon of the Federal Court spoke on “The Commonwealth’s taxing powers and its limits – Are we there yet?“. Among other things, she discussed the concept of retrospective tax legislation. Some of the points made by Gordon J included:…
Ernst & Young has released its 2012 global transfer pricing tax authority survey: perspectives, interpretations and regulatory change. The survey reviews transfer pricing practices and attitudes in 48 jurisdictions with respect to a variety of topics, including penalties, transactions and industries of focus, dispute resolution options, and approaches to comparables benchmarking. Ernst & Young says…