*Macquarie Bank Limited & Anor v FCT & Anor – taxpayers fail in bid to have OBU expense allocation applied only prospectively under ‘U-turn’ ruling [8]

The Federal Court has refused 2 companies in the Macquarie Bank group their application for the Court to review a decision of Commissioner and his delegate to refuse to apply his view of the law on the allocation of Offshore Banking Unit (OBU) expenses solely on a prospective basis. The taxpayers sought the jurisdiction of…

Coalition promises to clean up Labor’s legislation by press release on tax issues [6]

Treasurer Joe Hockey has indicated that the Government plans to sort through the previous Government’s list of announced but unlegislated measures in relation to taxation. He said: “The final major piece of legislation from our portfolio perspective is cleaning up Labor’s mess of announced but unlegislated initiatives in relation to taxation. We are methodically going through…

Mr Hockey announced Treasurer and Senator Sinodinos announced as his assistant (following surprise elevation of Senator Cormann) [4]

The Ministry for the incoming Coalition Federal Government was announced on Mon 16.9.2013. In announcing the Cabinet Ministers, Outer Ministry and Parliamentary Secretaries, Prime Minister-elect Tony Abbott announced the following revenue-related appointments: Treasurer – Joe Hockey. Assistant Treasurer – Senator Arthur Sinodinos AO. Minister for Finance – Senator Mathias Cormann. Parliamentary Secretary to the Treasurer –…

*Greens announce that if they have the power they will block the coalition repealing the carbon tax and abolishing the instant asset write-off and low-income super rebate [3]

Australian Greens Leader Senator Christine Milne has announced that, as long as the Greens hold the balance of power in the Senate, the Coalition would NOT be able to: repeal the carbon tax, although Senator Milne said the Greens would work to improve the legislation; abolish the instant asset tax deduction for small business; abolish…

*Coalition to introduce “tax receipt” for PAYG(w) taxpayers – if elected (and now they are) [1]

The Shadow Treasurer Joe Hockey has announced that, if elected, the Coalition will introduce a “Tax Receipt” for taxpayers. Mr Hockey said “taxpayers deserve a Government that is fully accountable as to where their taxes go”. He said that under the proposal, every PAYE taxpayer will receive a taxation receipt that provides details on how their…

Code of ethics for professional accountants: APESB proposes revisions [97]

The Accounting Professional and Ethical Standards Board (APESB) has proposed amendments to APES 110 Code of Ethics for Professional Accountants (APES 110) in response revisions made by the International Ethics Standards Board for Accountants (IESBA) to its Code of Ethics for Professional Accountants. The provisions concerning breaches of a Code requirement of the IESBA standard…