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…
The following Bills have on Thur 22.11.2012, passed all stages and effectively await Royal Assent: Tax Laws Amendment (2012 Measures No 5) Bill 2012 – passed all stages with 3 Government amendments made in the House of Reps, the Bill contains a range of miscellaneous amendments including phasing-out of the mature age worker tax offset;…
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…
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…
The Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 has been passed by the House of Reps without amendment and has been introduced in the Senate. It proposes to amend several Acts to, among other things: expand the scope of existing identity crime offences, as well as enact new offences for…
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…
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…
M o r g a n’ s T a x M o n t h – November 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
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 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…