M o r g a n’ s T a x M o n t h – June 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in June 2012 and which aims at being of relevance to tax lawyers. F John Morgan A member of the Victorian…
The Tax Office has released the following tax return forms, schedules and accompanying guides for the 2011-12 financial year: Business industry codes 2012 Capital allowances schedule 2012 Capital allowances schedule instructions 2012 Capital gains tax (CGT) schedule 2012 Company tax return 2012 Company tax return instructions 2012 Consolidated groups losses schedule 2012 Consolidated groups losses…
The Minister for Immigration Mr Bowen, and the Minister for Financial Services, Bill Shorten, on Fri 25.5.2012, announced new Federal Government reforms to attract successful investors and entrepreneurs to Australia. Mr Bowen said the Government would introduce in the 2012-13 program year a new visa program, the Significant Investor visa, targeting migrants who could make…
According to CPA Australia, at its board meeting on Thursday 17 May 2012, the Accounting Professional and Ethical Standards Board (APESB) agreed to re-issue proposed standard APES 230 Financial Planning Services as an exposure draft (ED 02/12) for further comment for an exposure period of not less than 30 days. The Exposure Draft has been…
The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was introduced in the House of Reps on Wed 23.5.2012. It amends the Privacy Act 1988 to implement the Government’s first stage response to the Australian Law Reform Commission’s report number 108, called “For Your Information: Australian Privacy Law and Practice”. The Bill proposes to amend the…
The Business Names Registration Amendment Regulation 2012 (No 1) and the Business Names Registration (Fees) Amendment Regulation 2012 (No 1) were registered on the Federal Register of Legislative Instruments on 25 May 2012. They make minor and technical changes to the relevant principal regulations. The Amendment Regulations commence on Mon 28.5.2012. The National Business Names…
The Business Names Registration (Availability of Names) Determination 2012 was registered on the Federal Register of Legislative Instruments on 18 May 2012. It contains rules for determining whether business names are identical or nearly identical, characteristics of business names that are undesirable, and words/expressions that are restricted. The Determination commences on 28 May 2012 (ie…
The A New Tax System (Australian Business Number) Amendment Regulation 2012 (No 1) was registered on the Federal Register of Legislative Instruments on 11 May 2012. It amends the A New Tax System (Australian Business Number) Regulations 1999 to implement changes associated with the transferring of business names from the States’ and Territories’ business names…
ACT Treasurer Andrew Barr on Mon 7.5.2012, issued the ACT Taxation Review and the ACT Government’s in-principle response to the Review. The ACT Taxation Review was commissioned by the ACT Government after the release of the Henry Review which highlighted the need for the ACT to review its taxation settings to put it in a…
The 2012-13 SA Budget was handed down on Thur 31.5.2012. SA Treasurer Jack Snelling announced the deferral of the proposed abolition of stamp duty on non-quoted marketable securities and non-real property transfers. He said the Government “will look to reschedule the abolition of these taxes as its fiscal position allows”. Mr Snelling announced that the…