Yearly Archives: 2017

*Australian Charities and Not-for-Profits Commission commences 1 October 2012 but governance standards will not commence until 1 July 2013 [A23]

The Assistant Treasurer has announced that the introduction of Not-for-profit (NFP) sector reforms concerning the Australian Charities and Not-for-profits Commission (ACNC) will be staged to allow organisations to transition to the new regulatory framework. The ACNC will commence operations from 1 October 2012 as previously announced, however the governance standards, including the external conduct standards,…

*Coalition promises new ATO Second Commissioners from private sector [A22]

In his post-Budget address at the National Press Club in Canberra on Wed 16.5.2012, Shadow Treasurer Joe Hockey confirmed that, if elected to Government, the Coalition would repeal the Carbon Tax and the Mining Tax. He also said the Coalition would offer personal tax cuts funded by “prudent savings in Government expenditure”. Mr Hockey said…

*Assistant Treasurer gets testy on Pt IVA and also retrospective legislation [A21]

At an address to a Tax Institute forum in Sydney on Fri 18.5.2012, the Assistant Treasurer commented on concerns about proposed changes top Pt IVA and also on retrospective tax changes. Mr Bradbury said he was aware that some people in the tax community had questioned the need for the proposed Pt IVA changes and…

*Part IVA expert roundtable announced – “tax benefit” definition to be ‘clarified’ [A20]

The Assistant Treasurer Tue 15.5.2012, announced the establishment of an independent Pt IVA expert roundtable to assist with the implementation of the Government’s “clarifications” of the definition of “tax benefit” in Pt IVA of the ITAA 1936. Members of the roundtable include tax and accounting body representatives, tax barristers and academics. Treasury will chair the…

*Coastal shipping reform Bills: committee report released [A19]

The House of Reps Standing Committee on Infrastructure and Communications Committee on Thur 24.5.2012, released its advisory report on the following Bills: Coastal Trading (Revitalising Australian Shipping) Bill 2012; Coastal Trading (Revitalising Australian Shipping) (Consequential Amendments and Transitional Provisions) Bill 2012; Registration Amendment (Australian International Shipping Register) Bill 2012; Shipping Reform (Tax Incentives) Bill 2012…

*Shipping reform Bills amended in House of Reps [A18]

The package of Bills to reform the shipping industry was passed with amendments on Thur 31.5.2012, by the House of Reps and now move to the Senate. The was Shipping Reform (Tax Incentives) Bill 2012amended to further clarify which vessels will be eligible for the tax concessions. Vessels will need to be over 500 gross…

Low income tax offset changes; new seniors and pensioners tax offset: regs amended [A17]

The following Legislative Instruments were registered on the Federal Register of Legislative Instruments on Mon 28.5.2012. They make amendments to the relevant principal regulations to, among other things, adjust the operation of the low income tax offset (LITO) and merge the senior Australians tax offset (SATO) and the pensioner tax offset (PTO) into the new…

*Corporations Amendment (Phoenixing and Other Measures) Act 2012 – gets Royal Assent [A15]

The following Bills all received Royal Assent on 26 May 2012 – they had passed all stages without amendment: Corporations Amendment (Phoenixing and Other Measures) Act 2012 – Act No 48 of 2012 – amendments include introducing an administrative process for compulsory external administration to facilitate payment of employee entitlements where a company has been…

*Deductibility of exploration expenditure on mining & petroleum extended to geothermal energy – draft legislation released [A14]

The Government has released draft legislation and explanatory material for the proposed amendments to extend the immediate deductibility of exploration expenditure provided to mining and petroleum explorers to geothermal energy explorers. This had been announced on 24 March 2011. The proposed amendments to the ITAA 1997 are designed to allow geothermal energy explorers to deduct…

Revised 2012 PAYG withholding schedule for back payments, commissions and bonuses etc – made and registered [A13]

The Commissioner has made a PAYG withholding schedule under s 15-25 of Sch 1 to TAA – Schedule 30 – Tax table for back payments, commissions, bonuses and similar payments (NAT 3348), registered today [Thur 24.5.2012]. It contains a tax table to help employers and other payers to work out the amount required to be…