The Prime Minister on Mon 17.11.2014, announced the completion of negotiations for a China-Australia Free Trade Agreement. With a view to maximising the benefits of the FTA for business, Australia and China have also agreed to review their bilateral taxation arrangements, including relief from double taxation. Key outcomes under the China-Australia FTA include: More than…
ASIC has updated its Regulatory Guide RG 49 (Employee incentive schemes) and issued 2 new class orders to facilitate the range of financial products that can be offered under employee incentive schemes (previously referred to as employee share schemes). To this end, ASIC has replaced Class Order [CO 03/184] with 2 separate class orders –…
The OECD has released 2 new discussion drafts of the BEPS Action Plan on: Action 7 – Prevent the Artificial Avoidance of PE Status. Action 10 – Proposed Modifications to Chapter VII of the Transfer Pricing Guidelines Relating to Low Value-Adding Intra-Group Services. The Action 7 draft includes the preliminary results of the work carried…
The Tax and Superannuation Laws Amendment (2014 Measures No 3) Regulation 2014 was registered on Mon 17.11.2014. It amends the Taxation Administration Regulations 1976 to allow for the sharing of taxation information between the ATO and other agencies for the purposes of investigations being carried out by the Trusts Taskforce and the Phoenix Taskforce. In…
The Private Health Insurance Amendment Bill (No 1) 2014 has now passed all stages without amendment after being passed by the Senate on Tue 18.11.2014. It effectively awaits Royal Assent. The Bill implements a 2014 Budget announcement to pause the income thresholds which determine the tiers for the Medicare levy surcharge and the Australian Government…
The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 were both passed by the House of Reps on Tue 25.11.2014 without amendment and now move to the Senate. The first Bill proposes to amend the Customs Act 1901 to implement Australia’s obligations under…
The Customs (Korean Rules of Origin) Regulation 2014 was registered on 3 November 2014. It prescribes matters relating to the rules of origin that are required to be prescribed under new Div 1J of Pt VIII of the Customs Act 1901. The Customs Amendment (Korean Rules of Origin) Regulation 2014 was also registered on 3 November 2014. It amends the…
The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 was passed by the House of Reps on Tue 25.11.2014, without amendment and now moves to the Senate. The Bill contains amendments relating to: extending the existing CGT business restructure roll-overs; ensuring that foreign pension funds can access the managed investment trust (MIT)…
Shadow Assistant Treasurer Andrew Leigh on Mon 24.11.2014, introduced a Private Member’s Bill in the House of Reps – the Tax Laws Amendment (Tax Transparency) Bill 2014. The Bill seeks to bring forward by one year the publication of data about the tax paid by companies with total income over id=”mce_marker”00m. If the Bill is…
M o r g a n’ s T a x M o n t h – November 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…