*New transfer pricing rules – draft legislation released [5]

The Assistant Treasurer on Thur 22.11.2012, released draft legislation, which proposes amendments to Australia’s transfer pricing rules. According to the Government, the proposed amendments are designed to modernise the transfer pricing rules contained in Australia’s domestic law, ensuring that they better align with the international standards set out by the Organisation for Economic Co-operation and…

*Draft Part IVA draft legislative changes released – to apply from Fri 16.11.2012 [4]

The Assistant Treasurer has just released on Fri 16.11.2012, for public comment, draft legislation and explanatory material on amending Pt IVA. The draft legislation was prepared following consultation with a roundtable of independent experts and with the benefit of formal advice from senior barristers. [Though significantly, this draft has not been seen by either the…

Malaysia-Australia Free Trade Agreement Bills introduced – to amend the Customs Act 1901 to amend the rules of origin for goods from Malaysia [2]

The Customs Amendment (Malaysia-Australia Free Trade Agreement Implementation and Other Measures) Bill 2012 and the Customs Tariff Amendment (Malaysia-Australia Free Trade Agreement Implementation) Bill 2012 were introduced into the House of Reps on 1 November 2012. The purpose of the Bills is to amend the Customs Act 1901 (the Customs Act) to introduce new rules of origin…

*NFP/Charities Bills await Royal Assent [1]

The Australian Charities and Not-for-profits Commission Bill 2012 and Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 have passed all stages with amendments and await Royal Assent. The Bills establish a new regulatory system for the not-for-profit (NFP) sector, including the new Australian Charities and Not-for-profits Commission (ACNC). [LTN 212, 1/11] Chartered Accountants…

CPI increased 1.4% over the September 2012 quarter 2012 – applicable now only for FBT purposes (110)

The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the September quarter increased 1.4% from the June 2012 quarter to 101.8. The most significant price rises this quarter were for electricity (+15.3%), international holiday travel and accommodation (+6.6%), and medical and…

AUSTRAC highlights financial intelligence in tackling tax evasion (109)

AUSTRAC has released its annual report for 2011-12 which highlights the growing role of financial intelligence in tackling crime, including tax evasion. The report details how information sharing between AUSTRAC and the ATO contributed to 3,745 cases resulting in $252m in additional tax assessments being raised. AUSTRAC also reported that financial intelligence assisted in 973…

*Secretary to Treasury calls for discussion on “sustainability of the tax system” (108)

In a speech to the John Curtin Institute of Public Policy, Breakfast Forum Fri 5.10.2012, entitled “Challenges and opportunities for the Australian economy“, the Secretary to the Treasury, Dr Martin Parkinson, raised the issue of “sustainability of the tax system” in terms of whether it can continue (at both the Commonwealth and State level) to…