*LAFHA (Living Away From Home Allowance) reform: draft legislation released [A5]

The Assistant Treasurer on Tue 15.5.2012, released draft legislation proposing to implement reforms to the tax concession for living-away-from-home allowances (LAFHA) and benefits as announced in the 2011-12 Mid-Year Economic and Fiscal Outlook (MYEFO) and the 2012-13 Budget. The Government said it is reforming the tax concession “by better targeting it at people who are…

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 – Bill to increase the Medicare Levy thresholds [A4]

Introduced to Lower House The Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2012 was introduced into the House of Reps on Thur 10.5.2012. It proposes to implement the 2012-13 Budget announcement to increase the Medicare levy thresholds from the 2011-12 income year. Specifically, the Bill proposes to amend: the Medicare Levy Act…

*Tax Laws Amendment (2012 Measures No 3) Bill 2012 – various (budget) changes – to ETP’s; Low Income Tax Offset; exempting carbon tax compensation; final withholding tax on non-resident seasonal workers [A3]

The Tax Laws Amendment (2012 Measures No 3) Bill 2012 was introduced into the House of Reps on Thur 24.5.2012. It contains the following amendments: Employment termination payment (ETP) tax offset – amends the ITAA 1997 so that access to the ETP tax offset and the amount of offset received takes into account an individual’s…

*Tax Laws Amendment (2012 Measures No 2) Bill 2012 introduced to enlarge directors’ liability for company debts; and changes to the consolidation and TOFA rules [A2]

The Tax Laws Amendment (2012 Measures No 2) Bill 2012 was introduced into the House of Reps on Thur 24.5.2012. It contains the following amendments: Directors’ penalty regime – strengthens directors’ obligations to cause their company to comply with its existing PAYG withholding and superannuation guarantee requirements by: ▪       extending the director…

No GST on Government appropriations [B24]

The Government will insert a regulation-making power in the GST law to prescribe that certain payments between government-related entities are not subject to GST. This extends the earlier measure contained in the Mid-Year Economic and Fiscal Outlook 2011-12. It is anticipated that the change will have no revenue impact. Date of effect:            The change will…