T a x T e c h n i c a l – M o n t h l y N e w s – March 2018 Developments – This is a collection of developments in Australian tax law and practice that occurred in March 2018 which aims to be relevant to tax practitioners.[i] Compiled By F…
The Government introduced the Treasury Laws Amendment (2018 Measures No 2) Bill 2018 into the House of Reps this Thur 8.2.2018 to implement the this previously announced measure (and one other, which I will not be covering). This Bill was referred to the Senate Economics Legislation Committee, on 15 February 2018, for report by 15 March…
On Tuesday 22 March 2018, KPMG released its report: ‘Shining a light on the black economy’, describing it as the last of the major tax bases that can yield significant government revenue. KPMG estimates the ‘black economy’ at $32b and the revenue lost as about $5b (GST, PAYG on wages and income tax on business). Last…
On 22 March 2018 the Senate Economics Legislation Committee delivered its report on the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017. Despite a diversity of views, the Committee cited a consensus that the Bill was a step forward and should be passed [Recommendation 3, para 3.93]. But also said that a review of the…
The Senate – Economics Legislation Committee Committee’s Report – Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 [TT Tax Month article: Exposure Draft of Bill; Introduction of Bill; Committee’s Report] Chapter 2 – Content of the Bill (extract) – a useful summary Harmonising whistleblower regimes 2.1 The current protections in the Corporations Act 2001 (the Corporations Act) cover a current…
On 15 February 2018, the Government introduced the Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018 into the House of Representatives, it passed the Lower House, without amendment, on 28 February 2018 and passed all stages on 22 March 2018. There are around 12,000 tax consolidated groups in Australia, including the majority of the largest businesses.…