The Government has deleted from a Bill measures announced in the 2012-13 Budget that proposed to double the withholding tax rate from 7.5% to 15% on foreign investment in managed investment trusts (MITs). The Tax Laws Amendment (2012 Measures No 2) Bill 2012 was passed by the House of Reps Wed 20.6.2012, with 2 Government…
The following Bills have been referred to Parliamentary committees: *Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has been referred to the Senate Economics Legislation Committee for inquiry and report by 14 August 2012; Privacy Amendment (Enhancing Privacy Protection) Bill 2012 has been referred to the Senate Legal and Constitutional Affairs Legislation Committee…
The Coalition has indicated its position on a number of Bills to be debated in Federal Parliament: Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 – the Coalition said it would be moving amendments to this Bill, and if unsuccessful, would oppose the Bill; Tax Laws Amendment (2012 Measures No 2) Bill 2012,…
The Taxation Administration Amendment Regulation 2012 (No 3) was registered on the Federal Register of Legislative Instruments on Thur 28.6.2012. It amends the Taxation Administration Regulations 1976 to set the rate of withholding tax that applies to income derived by Seasonal Workers from participating in the Seasonal Labour Mobility Program at the flat rate of…
The following Bills were passed by the Senate on Mon 18.6.2012, without amendment, and now await Royal Assent: – contains amendments concerning: Tax Laws Amendment (2012 Measures No 1) Bill 2012Anstis amendments; CGT trading stock exemption for super funds; phasing out dependent spouse tax offset; tax exemption for payments to certain NZ visa holders; and…
M o r g a n’ s T a x M o n t h – June 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in June 2012 and which aims at being of relevance to tax lawyers. F John Morgan A member of the Victorian…
The Tax Office has released the following tax return forms, schedules and accompanying guides for the 2011-12 financial year: Business industry codes 2012 Capital allowances schedule 2012 Capital allowances schedule instructions 2012 Capital gains tax (CGT) schedule 2012 Company tax return 2012 Company tax return instructions 2012 Consolidated groups losses schedule 2012 Consolidated groups losses…
The Minister for Immigration Mr Bowen, and the Minister for Financial Services, Bill Shorten, on Fri 25.5.2012, announced new Federal Government reforms to attract successful investors and entrepreneurs to Australia. Mr Bowen said the Government would introduce in the 2012-13 program year a new visa program, the Significant Investor visa, targeting migrants who could make…
According to CPA Australia, at its board meeting on Thursday 17 May 2012, the Accounting Professional and Ethical Standards Board (APESB) agreed to re-issue proposed standard APES 230 Financial Planning Services as an exposure draft (ED 02/12) for further comment for an exposure period of not less than 30 days. The Exposure Draft has been…
The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was introduced in the House of Reps on Wed 23.5.2012. It amends the Privacy Act 1988 to implement the Government’s first stage response to the Australian Law Reform Commission’s report number 108, called “For Your Information: Australian Privacy Law and Practice”. The Bill proposes to amend the…