The Prime Minister announced on Friday 2.3.2012, a number of changes to the Cabinet and Ministry. These include: David Bradbury becomes the new Assistant Treasurer, and will also move into the newly-created position of Minister Assisting for Deregulation. Bernie Ripoll becomes Parliamentary Secretary to the Treasurer. Brendan O’Connor moves into Cabinet to take the position…
The Government has announced it will extend the start date of the Australian Charities and Not-for-profits Commission to 1 October 2012. This follows extensive consultation with the not-for-profit sector. The Assistant Treasurer said the extension would also provide more time for the Commission Implementation Taskforce to prepare and distribute further guidance materials to assist charities…
Assistant Treasurer Mark Arbib announced on 1 March 2012, that the Government would seek to amend Part IVA of the income tax law. Senator Arbib said the amendments would ensure that the general anti‑avoidance rule, known as Part IVA, continued to be effective in countering tax avoidance schemes that are carried out as part of…
The following Bill that received Royal Assent on 29 March 2012 as follows: Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 – Assent as Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012, Act No 23 of 2012. [LTN 62, 30/3]
The Tax Laws Amendment (Shipping Reforms) Bill 2012, Shipping Reform (Tax Incentives) Bill 2012, and 3 other related Bills were introduced in the House of Reps on Thur 22.3.2012. The Bills form part of the Government’s Stronger Shipping for a Stronger Economy legislative package. The reforms aim to provide beneficial regulatory and tax arrangements to…
The Government on Fri 16.3.2012, released an exposure draft of proposed amendments that would implement the first stage of reforms to transfer pricing. They are on the Treasury website and were announced by the then Assistant Treasurer on 1 November 2011. The Assistant Treasurer said the draft legislation takes into account a number of key…
The 3 Bills that propose to means test the 30% private health insurance rebate have now passed all stages and await Royal Assent. The changes will start from 1 July 2012. The Bills are the Fairer Private Health Insurance Incentives Bill 2012, Fairer Private Health Insurance Incentives (Medicare Levy Surcharge)Bill 2012 and the Fairer Private…
The Commissioner on Thur 15.3.2012, registered a Legislative Instrument to defer the due date for providing the Commissioner with copies of payment summaries in respect of employment termination payments or departing Australia superannuation payments, until 14 August following the end of the financial year in which the payments are made. The Instrument revokes Legislative Instrument…
Treasury has received 10 public submissions in response to the exposure draft of the Corporations Amendment (Phoenixing and Other Measures) Bill 2012. The Bill, among other things, proposes amendments to the Corporations Act 2001 to provide ASIC with a discretionary power to place a company into liquidation under certain circumstances. The Bill is currently before…
The Government on Wed 14.3.2012, released draft legislation which proposes to amend the Income Tax Rates Act 1986 to reduce the corporate tax rate from 30% to 29% for the 2013-14 and subsequent income years. This reduction would apply to: for an ordinary company – the company’s taxable income; for a company that is a…