The Government has released draft legislation and explanatory material for the proposed amendments to extend the immediate deductibility of exploration expenditure provided to mining and petroleum explorers to geothermal energy explorers. This had been announced on 24 March 2011. The proposed amendments to the ITAA 1997 are designed to allow geothermal energy explorers to deduct…
The Commissioner has made a PAYG withholding schedule under s 15-25 of Sch 1 to TAA – Schedule 30 – Tax table for back payments, commissions, bonuses and similar payments (NAT 3348), registered today [Thur 24.5.2012]. It contains a tax table to help employers and other payers to work out the amount required to be…
The Taxation Administration Act 1953 – Withholding Schedules 2012 were registered on the Federal Register of Legislative Instruments on Thur 24.5.2012. The 22 schedules make publicly available the withholding schedules, which the Commissioner is empowered to make, specifying the amounts, formulas and procedures to be used for working out the amount required to be withheld…
The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2012 (No 1) was registered on the Federal Register of Legislative Instruments on Tue 8.5.2012. It amends the Income Tax (Effective Life of Depreciating Assets) Determination 2001 to provide taxpayers in specific industries (eg radio broadcasting, health and fitness centres and gymnasia operations, industrial gas…
The Legislative Instruments Amendment (Sunsetting Measures) Bill 2012 was introduced in the House of Reps on Wed 23.5.2012. Under the Legislative Instruments Act 2003, all regulations (including income tax and related regs) and other legislative instruments sunset, or cease automatically, after 10 years unless action is taken to exempt or preserve them. As set out…
The Tax Laws Amendment (Income Tax Rates) Bill 2012 was introduced in the House of Reps on Thur 24.5.2012. It amends the Income Tax Rates Act 1986 to align more closely the personal income tax rates for non-residents for Australian tax purposes with the personal income tax rates for Australian resident taxpayers, by: merging the…
The Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012 was introduced in the House of Reps on Thur 24.5.2012. It implements a 2012-13 Budget announcement by proposing amendments to the Income Tax (Managed Investment Trust Withholding Tax) Act 2008 to increase the Managed Investment Trust (MIT) final withholding tax from 7.5% to 15%…
The Tax Laws Amendment (Cross-Border Profit Transfer Pricing) Bill (No 1) 2012 was introduced in the House of Reps on Thur 24.5.2012. It seeks to confirm that transfer pricing rules contained in Australia’s tax treaties and incorporated into domestic law provide assessment authority in treaty cases. The Government said there are strong arguments for concluding…
The following Tax and Superannuation Laws Amendment (2012 Measures No 1) Bill 2012 passed by the House of Reps on Tue 22.5.2012, without amendment and moved to the Senate this Bill contains amendments concerning the following. ATO withholding GST refunds; GST-free health supplies; GST treatment of appropriations; Pausing the indexation of super concessional contributions cap;…
The Assistant Treasurer on Tue 15.5.2012, released draft legislation proposing to implement reforms to the tax concession for living-away-from-home allowances (LAFHA) and benefits as announced in the 2011-12 Mid-Year Economic and Fiscal Outlook (MYEFO) and the 2012-13 Budget. The Government said it is reforming the tax concession “by better targeting it at people who are…
