R&D Tax Incentive quarterly ‘opt-in’ credits for companies with turnover under $20m: Treasury consultation paper [11]

The Government on Fri 3.8.2012 released for comment a Treasury consultation paper on the design of the R&D Tax Incentive quarterly credits proposal, which is aimed at providing more timely access for small and medium sized companies to the tax incentive. Under the proposal, quarterly credits will be available to small and medium sized companies…

The Tax Laws Amendment (Investment Manager Regime) Bill 2012 has now passed all stages without amendment and effectively awaits Royal Assent [10]

The Tax Laws Amendment (Investment Manager Regime) Bill 2012 has now passed all stages without amendment and effectively awaits Royal Assent after having been passed by the Senate on Thur 23.8.2012. The Bill contains the first 2 elements of the Government’s Investment Manager Regime. The Bill amends the ITAA 1997 by inserting new Subdiv 842-I…

Charities and NFP Bills introduced [9]

The Australian Charities and Not-for-profits Commission Bill 2012, Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 and the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012 were all introduced in the House of Reps on Thur 23.8.2012. The Australian Charities and Not-for-profits Commission Bill 2012 will establish a new independent statutory…

Company loss carry-back: draft legislation released (burdened by same ‘integrity’ measures as loss carry forward) [8]

The Government on Thur 23.8.2012, released for consultation draft legislation and explanatory material to introduce company loss carry-back into the business tax system. The draft legislation has been prepared following consultation on the discussion paper, Improving access to company losses, which closed on 6 August 2012. As part of loss carry-back, the proposal is that,…

Veterans’ Affairs Legislation Amendment Bill 2012 was passed by the House of Reps to exempt certain benefits from tax [7]

The Veterans’ Affairs Legislation Amendment Bill 2012 was passed this on Wed 22.8.2012, by the House of Reps without amendment and now moves to the Senate. Among other things, the Bill proposes to amend the ITAA 1997 to exempt from income tax, reimbursements made under the Repatriation Pharmaceutical Benefits Scheme and the Military Rehabilitation and…

Transfer Pricing Bill now awaits Assent – giving tax treaties retrospective force of domestic law back to 2004 [5]

The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has now passed all stages without amendment, having been passed by the Senate late on Mon 20.8.2012 and now awaits Royal Assent. The Bill proposes to make retrospective amendments with effect from 1 July 2004 to confirm that transfer pricing rules contained in Australia’s…

MIT’s that invest in energy efficient commercial buildings to get a ‘concessional’ 10% withholding rate: draft legislation released [4]

The Assistant Treasurer on Thur 16.8.2012, released draft legislation on the Government’s proposal to provide managed investment trusts (MITs) that only hold newly constructed energy efficient commercial buildings with a concessional withholding tax rate of 10%. Mr Bradbury indicated that the concession will be available in relation to office buildings that have obtained a 5-Star…

Miscellaneous tax law, mining tax and resource tax changes: draft legislation [3]

Treasury has released for comment draft legislation and an EM which propose to make miscellaneous tax law amendments, including minor amendments to the Minerals Resource Rent Tax (MRRT) and Petroleum Resource Rent Tax (PRRT) legislation. The amendments seek to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing…