The Australian Industry Group (Ai Group) says it does not support the repeal of the company loss carry-back measures nor the winding back of the small business asset write-off threshold as proposed in the draft mining tax repeal Bills. In its submission on the draft Bills, Ai Group says it is of the view that,…
The Higher Education Support Amendment (Savings and Other Measures) Bill 2013 was introduced in the House of Reps on Thur 21.11.2013. It proposes to remove the HECS-HELP up-front payment discount from 1 January 2014. Currently, a 10% discount is applied to up-front student contribution payments of $500 or more. The Bill would also remove the HELP voluntary…
The Import Processing Charges Amendment Bill 2013 was introduced in the House of Reps on Thur 21.11.2013. It will implement a revenue measure that was announced as part of the 2013-14 Federal Budget. The Bill proposes to amend the Import Processing Charges Act 2001 to increase the import processing charges levied on air, sea and…
By notice in the Commonwealth Gazette, the Minister for Industry has, pursuant to subs 22(1) of the Industry Research and Development Act 1986, and effective from 15 November 2013, revoked the Innovation Grants Committee of Innovation Australia. [LTN 224, 19/11/13]
The Treasurer on Wed 13.11.2013, introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource…
The Prime Minister and the Minister for the Environment on Wed 13.11.2013 introduced a package of 11 Bills in the House of Reps to repeal the carbon tax from 1 July 2014 and make related tax and other amendments. The Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 – proposes to repeal the legislation that…
The ATO has made a determination (registered on Thur 7.11.2013) which provides certain monthly PAYG instalment payers with an additional and simplified method of working out the amount of monthly instalment liabilities in accordance with the Taxation Administration Act 1953. The ATO noted that during consultation of the proposed changes to introduce monthly PAYG instalments…
M o r g a n’ s T a x M o n t h – November 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
At its meeting on Tue 1.10.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. RBA Governor Glenn Stevens said the Board judged that the setting of monetary policy remained appropriate and will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation…
AUSTRAC, on Tue 29.10.2013, released its 2012-13 Annual Report. It was tabled in Parliament on Tue 29.10.2013 out of session. It showed a significant increase in international funds transfers during 2012-13. AUSTRAC said it received more than 84 million financial transaction reports from Australian businesses during 2012-13. This total includes almost 80 million reports of…