Treasury recently updated the Government’s Forward Work Program – Consultation on Tax (including Superannuation) Measures to be current as at September 2012. The Program sets out the timetable for current and proposed consultation on tax and superannuation measures, including trust reform, NFP reforms, GST issues, CGT issues, SMSFs and super generally, etc. [LTN 195, 9/10]
The Tax Laws Amendment (2012 Measures No 5) Bill 2012 has passed the House of Reps with 3 Government amendments and now moves to the Senate. The 3 Government amendments omitted Schedules 3 and 4 of the Bill which concerned a compliance regime for gaseous fuels and specific fuel blending excise exemptions. Otherwise, the Bill…
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 the Senate with 34 Government amendments. The Bills now return to the House of Reps for concurrence. The Bills establish a new regulatory system for not-for-profit (NFP) sector, including the new Australian Charities and…
The US Internal Revenue Service (IRS) has postponed the implementation of new rules – in the Foreign Account Tax Compliance Act (FATCA) – requiring participating foreign financial institutions (FFIs) to complete certain FATCA withholding and reporting obligations in respect of their account holders. The new start dates are set out in IRS Announcement 2012-42. [LTN…
ASFA has called on the Government to quickly conclude an intergovernmental agreement (IGA) between Australia and the US (based on the published US Model IGA) for the purposes of the proposed US Foreign Account Tax Compliance Act (FATCA). In a submission to Treasury, ASFA also called on the Government to ensure that the IGA includes…
The Prime Minister on Sun 28.10.2012, released the Australia in the Asian Century White Paper, which sets out a number of national targets to achieve by 2025 to ensure the country “will be a more prosperous and resilient nation, fully part of the region and open to the world”. Areas targeted for a more productive…
The Treasurer on Mon 22.10.2012, released the Mid-Year Economic and Fiscal Outlook 2012-13 (MYEFO) revising down the expected Budget underlying cash surplus to id=”mce_marker”.1bn for 2012-13 (down from id=”mce_marker”.5bn estimated in the May 2012 Budget). Mr Swan said the reduction in the estimated surplus has been driven by a further write-down in tax receipts of…
The Government Mon 29.10.2012, released exposure draft legislation which proposes to implement the 2012 Budget announcement to introduce a means test for the net medical expenses tax offset from 1 July 2012. Under the proposed new means test, people with adjusted taxable income above the Medicare levy surcharge thresholds ($84,000 for singles and $168,000 for…
The Government on Thur 25.10.2012 released Exposure Draft – Tax Laws Amendment (2012 Measures No 6) Bill 2012 proposing to amend the limited recourse debt provisions in Div 243 of the ITAA 1997. The draft legislation seeks to give effect to the Government’s 2012-13 Budget measure to ensure that the limited recourse debt tax provisions…
The Government today Fri 12.10.2012, released draft legislation to remove income tax impediments for business restructures. In particular, these changes would seek to amend the ITAA 1997 (principally Div 124) to: provide revenue asset and trading stock roll-overs where interest holders exchange their units in a unit trust for shares in a company; broaden beyond…