*New Charities & Not-for-profits Commission releases its Taskforce Implementation Report including its various functions [19]

The Australian Charities and Not-for-profits Commission (ACNC) on Tue 12.6.2012, released the ACNC Taskforce Implementation Report. The report outlines various key actions that will underline the ACNC’s functions, including: registering entities; developing a reporting framework, which will incorporate a “report-once, use-often charity passport”; and providing guidance and education for charities and the public. Source: ACNC…

*Reps Economics Committee held a public hearing into PAYG(w) increase for MITs and the proposed increases in the Departure Tax [18]

The House of Reps Economics Committee will hold a public hearing in Canberra on Monday, 4 June 2012 on the Tax Laws Amendment (2012 Measures No 2) Bill 2012 and 2 closely related Bills, the Pay As You Go Withholding Non-compliance Tax Bill 2012 and the Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill…

*Tax Laws Amendment (2012 Measures No 4) Bill 2012 – introduces LAFHA changes with delayed start; GST incapacitated entity change and further consolidation change [17]

The Tax Laws Amendment (2012 Measures No 4) Bill 2012 was introduced in the House of Reps on Thurs 28.6.2012. It contains the following amendments: amends the and the ITAA 1997 to reform the taxation treatment of living-away-from-home (LAFH) allowances and benefits (note the – see below). For example, the amendments would:Fringe Benefits Tax Assessment…

*Legislative Instruments Amendment (Sunsetting Measures) Bill 2012 was passed by the House of Reps [16]

The Legislative Instruments Amendment (Sunsetting Measures) Bill 2012 was passed by the House of Reps on Tue 26.6.2012, without amendment and now moves to the Senate. The Bill seeks to, among other things, repeal spent and redundant instruments and provisions up to 10 years earlier than is provided for under the existing sunsetting regime. [LTN…

Veterans’ Affairs Legislation Amendment Bill 2012 was introduced in the House of Reps [15]

The Veterans’ Affairs Legislation Amendment Bill 2012 was introduced in the House of Reps on Wed 27.6.2012. It proposes to amend Veterans’ Affairs and other legislation to, among other things: amend the ITAA 1997 to exempt from income tax, reimbursements made under the Repatriation Pharmaceutical Benefits Scheme and the Military Rehabilitation and Compensation Act Pharmaceutical…

*Tax Bill (No 2) and PAYG Withholding Bill await Assent – director penalty regime; Consolidation cost setting; TOFA & Consolidation [14]

The Tax Laws Amendment (2012 Measures No 2) Bill 2012 and Pay As You Go Withholding Non-compliance Tax Bill 2012 were both passed by the Senate on Wed 27.6.2012 without amendment and effectively await Royal Assent. The Bills will: (i)      extend the director penalty regime to, among other things, make directors personally liable for…

*Shipping reform Bills receive Assent [13]

The package of coastal shipping reform Bills received Royal Assent on Thur 21.6.2012: Shipping Reform (Tax Incentives) Bill 2012– Act No 53 of 2012; Registration Amendment (Australian International Shipping Register) Bill 2012 – Act No 54 of 2012; Coastal Trading (Revitalising Australian Shipping) Bill 2012 – Act No 55 of 2012; Coastal Trading (Revitalising Australian…