Yearly Archives: 2017

*Not-for-Profit restrictions on tax concessions for unrelated profits not applied for altruistic purposes – start date to be deferred to 1 July 2012 [A7]

The Assistant Treasurer has announced the Government will extend the start date for the 2011 Budget proposal to better target tax concessions provided to not-for-profit organisations (NFPs) from 1 July 2011 to 1 July 2012. Under the proposal, the NFP income tax concessions will only apply to profits generated by unrelated commercial activities that are…

Nil withholding re low income minors – variation made [A6]

The Taxation Administration Act 1953 – PAYG Withholding – Variation of withholding for low income minors where no TFN or ABN provided was registered on the Federal Register of Legislative Instruments on Wed 18.4.2012. It varies to nil the amount required to be withheld by a payer who makes payments to low income minors who…

Consolidation tax cost setting and TOFA rules: draft legislation released [A5]

The Government has released a draft of proposed amendments that will implement changes to the income tax law affecting consolidated groups. The amendments were announced on 25 November 2011 and relate to the operation of the consolidation tax cost setting rules and the operation of the taxation of financial arrangements (TOFA) rules for consolidated groups.…

Directors’ penalty regime – draft legislation (making directors liable after 3 months without a liquidation option) re-released with only modest further relief [A4]

The Government on Wed 18.4.2012, released exposure draft legislation which proposes changes to the director penalty regime. The main aspects of the proposed amendments involve: expanding the director penalty regime to superannuation guarantee amounts; ensuring that directors cannot have their director penalties remitted by placing their company into administration or liquidation when unpaid PAYG withholding…

*Tax concession entities and “in Australia” conditions: revised draft legislation released [A3]

The Assistant Treasurer on Tue 17.4.2012, released revised draft legislation for restating and standardising the special conditions for tax concession entities. The Government announced in the 2009-10 Budget that it would amend the “in Australia” special conditions in Div 50 of the ITAA 1997 to ensure that Government retains the ability to maintain appropriate oversight…

Car expenses – rates per km for 2011-12 – Income Tax Regulation registered [A2]

The Income Tax Assessment Amendment Regulation 2012 (No 1) was registered on the Federal Register of Legislative Instruments on 11 April 2012. It sets the “cents per kilometre” rates for calculating tax deductions for car expenses in the 2011-12 income year. Those rates remain unchanged from the 2010-11 year and are: Car expense rates per…

*Health Insurance means testing and related legislation gets Royal Assent [A1]

The Fairer Private Health Insurance Incentives Bill 2012, Fairer Private Health Insurance Incentives (Medicare Levy Surcharge) Bill 2012 and Fairer Private Health Insurance Incentives (Medicare Levy Surcharge – Fringe Benefits) Bill 2012 all received Royal Assent on Wed 4.4.2012 as Acts Nos 26, 27 and 28, respectively, of 2012. The means testing of the private…

Tax Month – April 2012

M o r g a n’ s    T a x    M o n t h – April 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in April 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…