In a majority 2:1 decision, the Full Federal Court allowed the Commissioner’s appeal from a 2011 decision in the Federal Magistrates Court in which the Commissioner’s garnishee notice was set aside regarding a property transaction. The transaction in this case involved a property owned by a Mrs Bassili over which she granted a mortgage to…
Chartered Accountants say it will have negative impact on economy According to the Institute of Chartered Accountants, removing concessions on existing tax-based incentives to capital investment will have a negative impact on Australia’s GDP. The Institute, in its submission to the Business Tax Working Group (BTWG), argued that proposed options to trade off concessions on…
In a recent address, Federal Court Judge The Hon Justice Logan RFD, commented on the anti-avoidance provisions of Pt IVA. He noted it has been suggested that, in light of cases such as RCI Pty Ltd v FCT [2011] FCAFC 104 and FCT v Futuris Corporation Ltd [2012] FCAFC 32, Pt IVA was in need…
The Government on Wed 19.9.2012, announced that it would introduce legislation to ban gag clauses in Commonwealth contracts with the Not-For-Profit sector. The Assistant Treasurer said the legislation would build on the Government’s reforms to the NFP sector, including the new charities commission, by ensuring gag clauses are not used in any Commonwealth funding agreements.…
The Senate Community Affairs Legislation Committee tabled its report on Wed 12.9.2012, in the Senate on 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. The Committee noted that the Government had adopted the…
The Senate Community Affairs Legislation Committee is currently conducting an inquiry into 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. The Committee has now released the transcript of its public hearing held on…
On Mon 10.9.2012, in the House of Reps, the report was tabled of the Parliamentary Joint Committee on Corporations and Financial Services inquiry into 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. The…
The following Bills received Royal Assent on 22 September 2012: Legislative Instruments Amendment (Sunsetting Measures) Bill 2012 – Act No 135 of 2012. Statute Law Revision Bill 2012 – Act No 136 of 2012. [LTN 188, 27/9]
The Federal Circuit Court of Australia Legislation Amendment Bill 2012 was introduced in the House of Reps, on Thur 20.9.2012. It amends the Federal Magistrates Act 1999 and other legislation to rename the Federal Magistrates Court as the Federal Circuit Court of Australia, and to change the title of Chief Federal Magistrate to Chief Judge…
The Australian Charities and Not-for-profits Commission Bill 2012 and the Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 were passed the House of Reps on Tue 18.9.2012, with 15 Government amendments and now move to the Senate. The Bills seek to establish a new regulatory system for the not-for-profit (NFP) sector, including the…