The Government on Thur 23.8.2012, released for consultation draft legislation and explanatory material to introduce company loss carry-back into the business tax system. The draft legislation has been prepared following consultation on the discussion paper, Improving access to company losses, which closed on 6 August 2012. As part of loss carry-back, the proposal is that,…
The Veterans’ Affairs Legislation Amendment Bill 2012 was passed this on Wed 22.8.2012, by the House of Reps without amendment and now moves to the Senate. Among other things, the Bill proposes to amend the ITAA 1997 to exempt from income tax, reimbursements made under the Repatriation Pharmaceutical Benefits Scheme and the Military Rehabilitation and…
The Tax Laws Amendment (2012 Measures No 4) Bill 2012 was passed by the House of Reps late on Tue 21.8.2012, with 1 Government amendment that deleted the existing Sch 1 to the Bill and replaced it with a new Sch 1 concerning changes to the tax treatment of LAFHAs. The other amendments contained in…
The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has now passed all stages without amendment, having been passed by the Senate late on Mon 20.8.2012 and now awaits Royal Assent. The Bill proposes to make retrospective amendments with effect from 1 July 2004 to confirm that transfer pricing rules contained in Australia’s…
The Assistant Treasurer on Thur 16.8.2012, released draft legislation on the Government’s proposal to provide managed investment trusts (MITs) that only hold newly constructed energy efficient commercial buildings with a concessional withholding tax rate of 10%. Mr Bradbury indicated that the concession will be available in relation to office buildings that have obtained a 5-Star…
Treasury has released for comment draft legislation and an EM which propose to make miscellaneous tax law amendments, including minor amendments to the Minerals Resource Rent Tax (MRRT) and Petroleum Resource Rent Tax (PRRT) legislation. The amendments seek to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing…
The Parliamentary Secretary to the Treasurer, Tue 14.8.2012 released the 3rd tranche of the proposed personal liability for directors draft legislation and explanatory memorandum for public consultation. Broadly, the draft legislation considers amendments to Commonwealth tax legislation concerning personal criminal liability for corporate default including s 444-15 of the TAA, para 252(1)(j) of the ITAA…
The Minister for Financial Services and Superannuation on Fri 3.8.2012 released for public consultation draft legislation to provide income tax relief for merging superannuation funds. This measure provides temporary taxation relief in the form of loss relief and CGT and revenue asset roll-over for merging super funds. The draft legislation proposes to amend the ITAA…
M o r g a n’ s T a x M o n t h – August 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in August 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
A new report, outlined in a paper released by the Tax Justice Network, claims that, conservatively estimated, between US$21 trillion and US$32 trillion is held unrecorded and in offshore tax havens around the world. The paper – Inequality: You don’t know the half of it – says it is a first attempt to lay out…