*New Charities Commission – start date deferred by 3 months to 1 October 2012 [A12]

The Government has announced it will extend the start date of the Australian Charities and Not-for-profits Commission to 1 October 2012. This follows extensive consultation with the not-for-profit sector. The Assistant Treasurer said the extension would also provide more time for the Commission Implementation Taskforce to prepare and distribute further guidance materials to assist charities…

*Government proposes amendments to Pt IVA that would have retrospective effect back to schemes entered into on or after 1 March 2012 [A11]

Assistant Treasurer Mark Arbib announced on 1 March 2012, that the Government would seek to amend Part IVA of the income tax law. Senator Arbib said the amendments would ensure that the general anti‑avoidance rule, known as Part IVA, continued to be effective in countering tax avoidance schemes that are carried out as part of…

*Major shipping reforms and tax incentives: Bills introduced to commence on 1 July 2012 [A9]

The Tax Laws Amendment (Shipping Reforms) Bill 2012, Shipping Reform (Tax Incentives) Bill 2012, and 3 other related Bills were introduced in the House of Reps on Thur 22.3.2012. The Bills form part of the Government’s Stronger Shipping for a Stronger Economy legislative package. The reforms aim to provide beneficial regulatory and tax arrangements to…

Means test private health insurance rebate in 2012-13 year – Bills passed all stages and await Royal Assent [A7]

The 3 Bills that propose to means test the 30% private health insurance rebate have now passed all stages and await Royal Assent. The changes will start from 1 July 2012. The Bills are the Fairer Private Health Insurance Incentives Bill 2012, Fairer Private Health Insurance Incentives (Medicare Levy Surcharge)Bill 2012 and the Fairer Private…

Payment summary deferral re employment termination payments and departing super payments [A6]

The Commissioner on Thur 15.3.2012, registered a Legislative Instrument to defer the due date for providing the Commissioner with copies of payment summaries in respect of employment termination payments or departing Australia superannuation payments, until 14 August following the end of the financial year in which the payments are made. The Instrument revokes Legislative Instrument…

Corporations Amendment (Phoenixing and Other Measures) Bill 2012 – Submissions to Treasury On Exposure Draft giving ASIC discretion to wind up company [A5]

Treasury has received 10 public submissions in response to the exposure draft of the Corporations Amendment (Phoenixing and Other Measures) Bill 2012. The Bill, among other things, proposes amendments to the Corporations Act 2001 to provide ASIC with a discretionary power to place a company into liquidation under certain circumstances. The Bill is currently before…

*Company tax rate reduction from 30 to 29% – small companies from 2012-13 and others from 2013-14 – draft legislation released [A4]

The Government on Wed 14.3.2012, released draft legislation which proposes to amend the Income Tax Rates Act 1986 to reduce the corporate tax rate from 30% to 29% for the 2013-14 and subsequent income years. This reduction would apply to: for an ordinary company – the company’s taxable income; for a company that is a…

*Tax Laws Amendment (2011 Measures No 9) Bill 2011 is now law [A3]

The Tax Laws Amendment (2011 Measures No 9) Bill 2011 has now passed all stages without amendment after passing the Senate on 1.3.2012. The Bill contains amendments concerning: CGT rollovers and business restructures; GST – financial supply provisions & new residential premises; consolidating super; DGRs; miscellaneous amendments (eg deceased estates and CGT main residence exemption,…