The Duties Amendment Bill 2012 (ACT) has passed all stages of the ACT Legislative Assembly and awaits notification. It amends the Duties Act 1999 (ACT) to clarify the treatment of “land rent leases”. Date of effect: The amendments will commence from the day after the Bill’s notification. [LTN 84, 4/5] The Duties Amendment Bill 2012…
The Federal Court has refused an applicant’s Interlocutory Application that sought a suspension or stay of an AAT decision which affirmed a Tax Practitioners Board decision to reject his application for transitional registration as a tax agent and to terminate his registration as a BAS Agent, or, in the alternative, an interlocutory injunction preventing that…
The Assistant Treasurer has announced that Mr Dale Boucher has advised the Government that he does not wish to seek appointment for another 3 to 5 year term when his current period as Chair of the Tax Practitioners Board concludes. Mr Boucher was appointed as the inaugural Chair of the first national Tax Practitioners Board…
As the end of the financial year draws closer, the Chairman of the Tax Practitioners Board (TPB) Dale Boucher has reminded registered tax agents and BAS agents who change or update their PI insurance to inform the Board. This can be done on the Board website and logging into the Agent Login. Mr Boucher said…
The Tax Agent Services Amendment Regulation 2012 (No 1) was registered on the Federal Register of Legislative Instruments on Wed 30.5.2012. It amends the Tax Agent Services Regulation 2009 to extend the deferral of the application of the tax agent services regime to holders of Australian Financial Services Licenses until 30 June 2013. The current…
The Tax Practitioners Board has advised that, on 10 May 2012, the Federal Court ordered a Gold Coast woman to pay a penalty of $30,000 for contravening the Tax Agent Services Act 2009. The Board said it took the woman to court for providing a tax agent service for a fee while not being registered…
The Assistant Treasurer on Thur 24.5.2012, announced that he had commissioned the Board of Taxation to investigate the impacts of Australia adopting the Authorised OECD Approach in respect of the attribution of profits to permanent establishments. He said the OECD endorsed the “functionally separate entity approach” in 2010, which differs from the method for attribution…
The Assistant Treasurer on Fri 18.5.2012, announced that the Government had asked the Board of Taxation to undertake a post-implementation review of Division 7A of Pt III of the ITAA 1936 [which deems certain payments and loans out of private companies to be un-frankable dividends]. Since its introduction in 1997, Div 7A has been subject…
The Federal Court has on Fri 18.5.2012, ordered the trustee of a self-managed superannuation fund (SMSF) to pay compound interest for breaching an enforceable undertaking under s 262A of the SIS Act. The corporate trustee of the SMSF (Interhealth Energies Pty Ltd) had given an enforceable undertaking to the Commissioner under s 262A of the…
The Government has released draft regulations proposing to amend the SIS Regulations to require trustees of SMSFs to value the assets of the fund at “net market value” for reporting purposes from the 2012-13 year of income. “Net market value” will be defined to mean the amount that could be expected to be received from…