The Tax Laws Amendment (Investment Manager Regime) Bill 2012 was introduced in the House of Reps this on Thur 21.6.2012. It contains the first 2 elements of the Government’s proposed Investment Manager Regime. The Bill proposes to amend the ITAA 1997 to prescribe the treatment of returns, gains, losses and deductions, on certain investments of…
The Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 has, after being passed by the Senate Wed 20.6.2012, now passed all stages without amendment and effectively awaits Royal Assent. The Bill will increase the Medicare levy low-income thresholds for individuals and families for the 2011-12 income year, as announced in the 2012-13…
The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 was passed by the House of Reps on Tues 19.6.2012 without amendment and now moves to the Senate. But it was close! The agreement for the second reading of the Bill was passed by 73 votes to 71. The Opposition then moved 3 amendments,…
The Taxation Administration Amendment Regulation 2012 (No 4) was registered on the Federal Register of Legislative Instruments on Thur 28.6.2012. It commences on 1 July 2012 and amends the Taxation Administration Regulations 1976 to add the Cook Islands, Macau, Mauritius and the Republic of Korea to the list of foreign countries and foreign territories contained…
New Bill introduced As foreshadowed by the Assistant Treasurer on Wed 20.6.2012, a separate Bill was introduced to double the withholding tax rate on Managed Investment Trusts (MITs). The Tax Laws Amendment (Managed Investment Trust Withholding Tax) Bill 2012 was introduced in the House of Reps on Thur 21.6.2012. It proposes to make consequential amendments…
The Government has deleted from a Bill measures announced in the 2012-13 Budget that proposed to double the withholding tax rate from 7.5% to 15% on foreign investment in managed investment trusts (MITs). The Tax Laws Amendment (2012 Measures No 2) Bill 2012 was passed by the House of Reps Wed 20.6.2012, with 2 Government…
The following Bills have been referred to Parliamentary committees: *Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has been referred to the Senate Economics Legislation Committee for inquiry and report by 14 August 2012; Privacy Amendment (Enhancing Privacy Protection) Bill 2012 has been referred to the Senate Legal and Constitutional Affairs Legislation Committee…
The Coalition has indicated its position on a number of Bills to be debated in Federal Parliament: Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 – the Coalition said it would be moving amendments to this Bill, and if unsuccessful, would oppose the Bill; Tax Laws Amendment (2012 Measures No 2) Bill 2012,…
The Taxation Administration Amendment Regulation 2012 (No 3) was registered on the Federal Register of Legislative Instruments on Thur 28.6.2012. It amends the Taxation Administration Regulations 1976 to set the rate of withholding tax that applies to income derived by Seasonal Workers from participating in the Seasonal Labour Mobility Program at the flat rate of…
The following Bills were passed by the Senate on Mon 18.6.2012, without amendment, and now await Royal Assent: – contains amendments concerning: Tax Laws Amendment (2012 Measures No 1) Bill 2012Anstis amendments; CGT trading stock exemption for super funds; phasing out dependent spouse tax offset; tax exemption for payments to certain NZ visa holders; and…