The Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 10.10.2012. It amends the Australian Federal Police Act 1979, Crimes Act 1914, Crimes (Superannuation Benefits) Act 1989, Criminal Code Act 1995, Customs Act 1901, and Law Enforcement Integrity Commissioner Act 2006 to, among…
The Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 was introduced in the House of Reps on Wed 10.10.2012. It amends the Income Tax (Managed Investment Trust Withholding Tax) Act 2008, the ITAA 1997 and the Taxation Administration Act 1953 to provide a final withholding tax rate of 10% on fund payments from…
M o r g a n’ s T a x M o n t h – October 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in October 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Treasurer Mon 24.9.2012, released details of the 2011-12 Final Budget Outcome. He said the Australian Government general government sector recorded an underlying [??] cash deficit of 3% of GDP ($43.7bn) for 2011-12. Total taxation receipts for 2011-12 were around $290m higher than forecast in the 2012-13 Budget. However, there was a “hefty fall” of…
According to research, the cost of tax compliance has more than doubled for small businesses over the last 17 years. The research is the first instalment of a 3-year research project into the viability of Australia’s tax system sponsored by the Institute of Chartered Accountants. “For small businesses, the cost of tax compliance has more…
The Institute of Public Accountants (IPA) says it opposes the draft standard APES 230 Financial Planning Services released by the Accounting Professional and Ethical Standards Board (APESB). The IPA said it supports the FoFA reforms and the work of the APESB, but said the proposed standard “goes beyond the FoFA legislation”. In its current format,…
In a speech in Sydney on Fri 14.9.2012, the Treasurer announced that the Government would shortly be releasing an Asian Century White Paper that will “lay down a roadmap for Australia to become a more dynamic, resilient and prosperous nation, fully connected with the region and open to the world”. Mr Swan said the Paper…
At its meeting on Tues 4.9.2012, the Reserve Bank Board decided to leave the official cash rate unchanged at 3.50%. According to the Board, “with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance…
The Qld Budget 2012-13 was handed down on Tues 11.9.2012. Revenue proposals announced included: Transfer duty threshold and rate increases – From passage of the amending legislation, the threshold for the highest marginal rate of transfer duty will increase from $980,000 to $1m. At the same time, the rate applicable to the new higher threshold…
The NSW Office of State Revenue (OSR) has advised that the market rate of interest imposed on any tax default committed under various taxation and revenue laws administered by OSR will fall on 1 October 2012 from 3.66% to 3.62%. [LTN 181, 18/9]