The Institute of Public Accountants (IPA) says it opposes the draft standard APES 230 Financial Planning Services released by the Accounting Professional and Ethical Standards Board (APESB). The IPA said it supports the FoFA reforms and the work of the APESB, but said the proposed standard “goes beyond the FoFA legislation”. In its current format,…
In a speech in Sydney on Fri 14.9.2012, the Treasurer announced that the Government would shortly be releasing an Asian Century White Paper that will “lay down a roadmap for Australia to become a more dynamic, resilient and prosperous nation, fully connected with the region and open to the world”. Mr Swan said the Paper…
At its meeting on Tues 4.9.2012, the Reserve Bank Board decided to leave the official cash rate unchanged at 3.50%. According to the Board, “with inflation expected to be consistent with the target and growth close to trend, but with a more subdued international outlook than was the case a few months ago, the stance…
The Qld Budget 2012-13 was handed down on Tues 11.9.2012. Revenue proposals announced included: Transfer duty threshold and rate increases – From passage of the amending legislation, the threshold for the highest marginal rate of transfer duty will increase from $980,000 to $1m. At the same time, the rate applicable to the new higher threshold…
The NSW Office of State Revenue (OSR) has advised that the market rate of interest imposed on any tax default committed under various taxation and revenue laws administered by OSR will fall on 1 October 2012 from 3.66% to 3.62%. [LTN 181, 18/9]
The WA State Administrative Tribunal has found that a company was not a land-holder within the meaning of that term in s 76ATI of the then Stamp Act 1921 (WA) (as it stood at the relevant time). On 30 March 2007, a subsidiary company of the first taxpayer acquired a controlling interest in A Co…
The SA Supreme Court has held that the withdrawal of an offer by the SA Treasurer of ex gratia relief cannot be reviewed on an appeal against the Commissioner’s assessment. In 2006, the Chubb Group of Companies underwent an organisational restructure in which a group company transferred parts of its business to the taxpayer and…
The Revenue Laws Amendment Bill 2012 (WA) has passed through all stages of the WA Parliament without amendment and awaits Assent. The Bill implements a 2012-13 WA Budget announcement to provide a pay-roll tax exemption for wages paid to new employees with a disability. The Bill also makes a number of minor amendments to various…
The Fire Services Property Levy Bill 2012 (Vic) has passed the Victorian Legislative Assembly without amendment and has moved to the Legislative Council. It proposes to implement the Victorian Government’s announcement to impose a fire services property levy on all land in Victoria unless specifically exempted. The new property-based levy is proposed to commence on…
The Statutes Amendment and Repeal (Budget 2012) Bill 2012 (SA) has been laid aside by the SA Legislative Council. The Bill had proposed to implement a number of the 2012-13 SA Budget announcements ie stamp duty concession for off-the-plan apartments, $8,000 First Home Bonus Grant for 2012-13, and payroll tax changes for apprentices and trainees.…