Finance Minister Senator Mathias Cormann has announced that the Government has decided to give practical effect to the fuel excise indexation Budget 2014 measure by way of tariff proposals to be validated by Parliament within 12 months. He said these tariff proposals [understood to be Excise Tariff Proposal (No 1) 2014 and Customs Tariff Proposal…
The Diplomatic Privileges and Immunities (Indirect Tax Concession Scheme) Amendment Determination 2014 (No 1) was registered on Thur 23.10.2014. It amends the Diplomatic Privileges and Immunities (Indirect Tax Concession Scheme) Determination 2000 to create new and amend existing Indirect Tax Concession Scheme (ITCS) packages which provide tax concessions to diplomatic missions and consular posts and…
The Private Health Insurance Amendment Bill (No 1) 2014 was passed by the House of Reps on Tue 28.10.2014, without amendment and now moves to the Senate. The Bill proposes to implement a 2014 Budget announcement to pause the income thresholds which determine the tiers for the Medicare levy surcharge and the Australian Government Rebate…
A Notice has been Gazetted specifying that the revised double tax agreement (DTA) between Australia and Switzerland entered into force on 14 October 2014. Having entered into force, the DTA will now take effect in Australia in 4 stages, namely: in respect of FBT, on fringe benefits provided on or after 1 April next following entry into force ie…
The Treasury Legislation Amendment (Repeal Day) Bill 2014 was introduced on Wed 22.10.2014, into the House of Reps. It proposes to: rewrite provisions from the ITAA 1936 into the ITAA 1997 and the Taxation Administration Act 1953. The rewritten provisions define “Australia” for income tax purposes. The income tax concept applies across other taxes, with…
On 10 October 2014, Treasury released for comment draft legislation to implement the Government’s election commitment to provide an Exploration Development Incentive. The proposed Exploration Development Incentive would be available to Australian-resident investors in small mineral exploration companies. Under the incentive, investors may be entitled to the EDI tax offset or additional franking credits where the company in which…
The Statute Law Revision Bill (No 2) 2014 was introduced in the House of Reps on Wed 22.10.2014. It proposes to correct technical errors that have occurred in Acts and amending Acts as a result of drafting and clerical mistakes, modernise language, and repeal spent and obsolete provisions and Acts, which will result in the…
The Government on Wed 22.10.2014, introduced legislation to repeal nearly 1,000 unnecessary pieces of legislation and regulations and 7,210 pages of legislation and regulation. With today’s Spring Repeal Day, the PM said the repeal measures will save individuals, businesses and the not-for-profit sector over $2.1bn in compliance costs. The Bills introduced on Wed 22.10.2014 to…
Treasury on Fri 10.10.2014, released for comment draft legislation which proposes to give effect to the 2014-15 Budget proposal to allow individuals the option of withdrawing super contributions in excess of the non-concessional contributions cap made from 1 July 2013 and associated earnings, with these earnings to be taxed at the individual’s marginal tax rate. According to…
Treasury on Tue 30.9.2014, released for comment exposure draft legislation to give effect to various miscellaneous amendments to the taxation and superannuation laws, including minor changes the following acts: ITAA 1997; 1TAA 1936; TAA; GST Act; SIS Act; SGAA; etc. According to Treasury, the changes are minor and technical in nature, and include removing errors,…