The Treasurer on Mon 15.12.2014, released the 2014-15 Mid-Year Economic and Fiscal Outlook (MYEFO). He said that, as a result of recent events, such as the halving of the export price for iron ore and the fall in wheat prices, tax receipts are expected to fall by $6.2bn this year and a total of nearly…
The final report of the Murray Financial System Inquiry was released on Sun 7.12.2014. The Inquiry made 44 recommendations relating to the Australian financial system. The Inquiry identified 2 general themes where there is significant scope to improve the functioning of the financial system: 1. Funding the Australian economy; and 2. Competition. The Inquiry identified…
The Taxation Administration Act 1953 – Pay as you go withholding – Tax table for additional amounts to withhold as a result of an agreement to increase withholding was registered on Wed 10.12.2014. It is designed to help employers and other payers withhold additional amounts from payments made to a payee when the payee has…
The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 on Thur 4.12.2014, received Royal Assent as Act Nos 124 and 125 of 2014, respectively. The Bills both passed all stages without amendment. The first Bill amends the Customs Act 1901 to implement Australia’s…
The Treasury Legislation Amendment (Repeal Day) Bill 2014 was passed by the House of Reps on Wed 3.12.2014, without amendment and now moves to the Senate. The Bill proposes various amendments, including: rewrite ss 6AA and 7A of the ITAA 1936 into the ITAA 1997 and the Taxation Administration Act 1953 – the rewritten provisions…
The Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 was introduced in the House of Reps on Thur 4.12.2014. It makes the following amendments: Super excess non-concessional contributions – option to withdraw – amends the ITAA 1997 and the TAA to allow individuals the option of withdrawing excess superannuation non-concessional contributions (plus 85%…
The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 received Royal Assent on 12 December 2014 as Act No 133 of 2014. It had passed all stages without amendment. The Bill contains amendments relating to: ▪ extending the existing CGT business restructure roll-overs. The Bill amends the ITAA 1997 to extend the existing CGT…
M o r g a n’ s T a x M o n t h – December 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in December 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Trade Agreements Legislation Amendment Regulation 2014 was registered on Mon 3.11.2014. It amends the Foreign Acquisitions and Takeovers Regulations 1989 and the Life Insurance Regulations 1995 to give effect to Australia’s foreign investment screening and life insurance regulation commitments under the recently signed Korea-Australia Free Trade Agreement and the Japan-Australia Economic Partnership Agreement. Among other…
The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 (FoFA amendment regs) were disallowed by the Senate on Wed 19.11.2014, after Senators Lambie and Muir joined cross-bench Senators to support a motion by Senator Dastyari (ALP) to disallow the Government’s FoFA amendment regs. The vote to disallow the Regulation was agreed to 32 votes…