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…

Lis-Con Concrete Constructions Pty Ltd v Comr of State Revenue – Qld payroll tax: Court orders objections be determined in view of unreasonable delay (104)

A taxpayer (a company Incorporated in NSW) which filed objections to assessments for payroll tax imposed by the Payroll Tax Act 1971 (Qld) on 17 October 2011 for the 2009, 2010 and 2011 years for over $5m (including penalties) has been successful before the Supreme Court of Queensland in seeking an order under s 30…