The Government is planning to update the trust income tax provisions in Div 6 of Pt III of the ITAA 1936 and re-write them into the ITAA 1997. In November 2011, the Assistant Treasurer released a consultation paper. Following the close of submissions on that paper on Friday, 10 February 2012, Treasury will conduct a…
Treasury has advised that it received 28 submissions in response to the consultation paper released by the Government to amend the transfer pricing legislation following the Full Federal Court’s decision in FCT v SNF (Australia) Pty Ltd [2011] FCAFC 74. There were 25 public submissions and 3 confidential submissions. Treasury received submissions from the Institute…
Treasury has released a discussion paper on improving the operation of the taxation of financial arrangements (TOFA) tax hedging provisions. One of the purposes of the paper is to canvass possible implementation options for amendments relating to: hedge ineffectiveness; and hedging of a firm commitment which were announced as part of the 2011-12 Budget. Additionally,…
The Assistant Treasurer on Wed 15.2.2012, released draft legislation and an EM for public consultation on the proposal to amend the tax law to allow the Commissioner of Taxation to hold refunds for verification prior to payment. Mr Arbib said the draft legislation was a result of the Full Federal Court’s decision in FCT v…
The Corporations Amendment (Phoenixing and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 15.2.2012. It proposes to amend the Corporations Act 2001 to: introduce an administrative process for compulsory external administration to facilitate payment of employee entitlements where a company has been abandoned. The Bill provide ASIC with a discretionary…
The 3 Bills that propose to means test the 30% private health insurance rebate were passed by the House of Reps on Wed 15.2.2012, with 4 Government amendments by 71 votes to 70. They now move to the Senate. The Bills are the Fairer Private Health Insurance Incentives Bill 2011, Fairer Private Health Insurance Incentives…
The House of Reps on Tue 14.2.2012, passed the Tax Laws Amendment (2011 Measures No 9) Bill 2011 without amendment and it now moves to the Senate. The Bill contains amendments concerning: CGT rollovers and business restructures; GST (financial supply provisions; new residential premises); consolidating super; DGRs; and miscellaneous amendments (eg deceased estates and CGT…
The mining tax and related Bills were introduced in the Senate on Tues 7.2.2012, and debate on them adjourned. The Bills are: Minerals Resource Rent Tax Bill 2011; Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011; Minerals Resource Rent Tax (Imposition – General) Bill 2011; Minerals Resource Rent Tax (Imposition – Customs)…
M o r g a n’ s T a x M o n t h – February 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in February 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The new Personal Property Securities Register (PPSR) opened for business on Mon 30.1.2012. The PPSR replaces the current maze of Commonwealth, State and Territory registers that regulate personal property used as security. The PPSR enables secured parties (eg financiers and other lenders) to register their security interests in personal property (ie any form of property…