*Coalition promises to cut red tape and unnecessary taxes [14]

On 2 November 2012, the Federal Opposition Leader Mr Abbott released the Coalition’s deregulation agenda. He said stronger economic growth, greater investment, more innovation and higher productivity could be generated if Australia changed the way it addressed regulation. Mr Abbott said excessive regulation created greater costs than benefits and discouraged investment and the willingness to…

International Tax Agreements Amendment Bill introduced – to give force of law to DTA with India, Marshall Islands and Mauritius [11]

The International Tax Agreements Amendment Bill 2012 was introduced in the House of Reps on Thur 29.11.2012. It contains the following amendments: amends the to give the force of law in Australia to the Protocol to amend the DTA between Australia and the International Tax Agreements Act 1953Republic of India, which was signed in New…

*Tax Laws Amendment (2012 Measures No 6) Bill 2012 was introduced in the House of Reps – MITs; DGRs; medical expenses rebate; limited recourse debt; FBT and in-house benefits [10]

The Tax Laws Amendment (2012 Measures No 6) Bill 2012 was introduced in the House of Reps Thur 29.11.2012. It contains the following amendments: : amends Sch 2 of the to extend the interim streaming rules for managed investment trusts until the commencement of the new tax system for managed investment trusts. DATE OF EFFECT:…

Private Health Insurance Amendment (Lifetime Health Cover Loading and Other Measures) Bill 2012 was introduced in the House of Reps [7]

The Private Health Insurance Amendment (Lifetime Health Cover Loading and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 28.11.2012. It proposes to amend the Private Health Insurance Act 2007 and make minor consequential amendments to the ITAA 1936, ITAA 1997 and the Taxation Administration Act 1953. The Bill provides for…

*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…