The Government did not make any changes to the currently legislated tax rates for residents that are to apply from 1 July 2012 – these were legislated in the package of carbon tax Bills that were passed and received Royal Assent in 2011. Note that the flood levy is also scheduled to cease on 30…
On the web The 2012-13 Budget Papers are available at any of the following websites: 2012-13 Central Budget website Federal Government Parliament of Australia Department of Finance and Deregulation Those websites also link to previous years’ Federal Budget papers going back to 1996-97. Print copies The 2012-13 Budget Papers are also available for sale from…
The following Clean Energy Bills were introduced in the House of Reps on Wed 23.5.2012: Clean Energy Legislation Amendment Bill 2012 – amends various Acts, including the Clean Energy Act 2011 and the Fuel Tax Act 2006, to among other things: ▪ make changes to the liquid fuel Opt-in Scheme which alter the criteria that…
The Financial Services Council (FSC) has expressed concerned that the Australian financial services industry will be unable to comply with the proposed US Foreign Account Tax Compliance Act (FATCA) regulations when they come into effect on 1 January 2013. Mr John Brodgen said that the FSC has briefed US Treasury and will give evidence to…
APRA on Thur 3.4.2012, released the following information on its proposed arrangements for the authorisation of MySuper products: ;Discussion Paper – MySuper authorisation and transition standard Application Form – authority to offer a MySuper product; Instruction Guide – application form – Authority to offer a MySuper product; Draft Prudential Standard SPS 410 – MySuper transition.…
In its SMSF News (Edition 22), issued on Thur 31.5.2012, the Tax Office has advised trustees in the process of winding up a self-managed superannuation fund (SMSF) that it isn’t mandatory to keep open the fund’s bank account until confirmation of the wind-up is received. Rather, the Tax Office says that an SMSF’s bank account…
This SMSF Ruling, released on Wed 23.5.2012, explains the Commissioner’s views on the limited recourse borrowing arrangement (LRBA) provisions in ss 67A and 67B of the SIS Act. Broadly, an SMSF is permitted to borrow money provided that the borrowing is made pursuant to an LRBA. An LRBA entered into from 7 July 2010 can…
M o r g a n’ s T a x M o n t h – May 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in May 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Assistant Treasurer Mon 30.4.2012, announced that financial advisers will be granted a 1-year extension to their current exemption from the taxation agent services regime until 30 June 2013. This decision is intended to allow for a smooth transition to the new regulatory regime, which will bring taxation advice provided in the context of financial…
The ATO on Mon 30.4.2012, released Taxation Statistics 2009-10<http://info-anz.thomson.com/t/11608540/105811750/92915/0/> which features data compiled from tax returns from the 2009-10 income year and other financial information provided in activity statements and other FBT, GST, and excise forms for the 2010-11 financial year. Highlights from the statistics for the 2009-10 year included: Personal tax: 12.4m individuals lodged…