Productivity Commission inquiry into Child Care to examine everything, including possibly tax breaks as form of support [96]

The Government on Sun 17.11.2013, announced the establishment of a Productivity Commission Inquiry into Child Care and Early Childhood Learning. The Prime Minister said the Inquiry will identify how the current system can be improved to make it more responsive to the needs of parents. The scope of the inquiry says the Productivity Commission should…

Australian Code of Ethics for Accountants: APES 110 amended to align it with the international code [95]

The Accounting Professional and Ethical Standards Board (APESB) on Thur 14.11.2013, released amendments to the Australian Code APES 110 Code of Ethics for Professional Accountants (APES 110) to align it with the recent amendments to the international Code issued by the International Ethics Standards Board for Accountants (IESBA). The Board said the revisions to the…

*Chartered accountants vote in favour of trans-Tasman Institute [92]

Members of the Institute of Chartered Accountants Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) have overwhelmingly voted in favour of the proposal to amalgamate and create One New Institute. Members of both Institutes voted throughout October 2013 on the proposal to create a single trans-Tasman Chartered Accountants Institute. The following results have been…

WA: interim assessments; duties – easements; etc – Commissioner’s Practices [91]

The WA Office of State Revenue (OSR) has recently issued the following Commissioner’s Practices: TAA 27.0 (Interim assessments) – outlines the circumstances in which the Commissioner will make an interim assessment of a portion of transfer duty or landholder duty prior to making a complete assessment of the taxpayer’s duty liability. The Commissioner’s Practice took…

Tas: First Home Builder Boost increased from $8k to $23k – and after adding a $7k First Home Owner Grant, there is $30k of assistance [90]

The Tasmanian State Revenue Office (SRO) has issued a factsheet on the Tasmanian Government’s announcement to increase the First Home Builder Boost from $8,000 to $23,000 (see Tasmanian Premier’s media release, 7 November 2013). Combined with the First Home Owner Grant of $7,000, first home buyer assistance in Tasmania now totals $30,000. The new Boost applies to…

SA: housing construction grant extended – Revenue Rulings issued [89]

RevenueSA has advised that the SA Treasurer has approved an ex gratia scheme to extend the housing construction grant to new homes located in residential parks and retirement villages. RevenueSA has issued Revenue Rulings FHOG003 and FHOG004 concerning the ex gratia scheme in relation to residential parks and retirement villages, respectively. Further information on the…

Qld stamp duty: transfers to local governments; beneficiary trust interest – Public Rulings released [88]

The Qld Office of State Revenue (OSR) has issued the following new Public Rulings: DA505.2.1 (Dutiable value of transfers of land to local governments) – sets out the Commissioner’s practice in relation to the evidence he may rely upon to establish the dutiable value of land transferred to local governments in particular situations. Similar matters were previously…