*Government announces major FoFA reforms [87]

The Assistant Treasurer on Fri 20.12.2013, announced reforms the Government intends to make to the Future of Financial Advice (FoFA) legislation. Senator Sinodinos said the Government supported the principles of FoFA, but considered the previous Government’s reforms went too far, creating unnecessary complexity, imposing significant burdens on industry and reducing the availability and increasing the…

Government invites 2014-15 Pre-Budget Submissions by 31 January 2014 [86]

The Government has invited submissions from individuals, businesses and community groups on their priorities for the 2014-15 Budget. In order to allow views to feed into the budget process at an early stage, Senator Sinodinos asked that interested parties lodge submissions as soon as possible, and no later than Friday 31 January 2014. Source: Assistant Treasurer’s media…

Government announces $100m manufacturing package following Holden’s announced exit from manufacturing in Australia [85]

The Prime Minister on Wed 18.12.2013, announced that the Government would implement a wide-ranging industry initiative comprising targeted support for regions impacted by the wind-down of Holden’s manufacturing operations by 2017; reviews of the South Australian and Victorian economies; and development of a National Industry Investment and Competitiveness Agenda which will focus on our strengths,…

Factors affecting Australian tax receipts: Treasury Economic Roundup [82]

The latest edition of Economic Roundup (Issue 2, 2013) released by the Treasury features an article which analyses the structural and cyclical factors affecting past and expected future Australian Government tax receipts. According to the article, entitled Tax-to-GDP: Past and prospective developments, as a share of the economy, taxes are “expected to remain well below…

*UK to impose CGT on non-residents disposing of UK residential property from 1 April 2015 [81]

In his Autumn Statement delivered on Thur 5.12.2013, the UK Chancellor of the Exchequer, George Osborne, announced that, from 1 April 2015, CGT will be chargeable on future gains made by non-UK residents that dispose of UK residential property. A consultation on the process will be published in early 2014. The statement provides an update on the…