The Government announced in the 2011-12 Budget that it would disallow deductions against government assistance payments following the High Court decision in FCT v Anstis [2010] HCA 40. Treasury on Fri 20.1.2012, released draft amendments seeking to amend the ITAA 1997 to disallow deductions against taxable government assistance payments that are eligible for a rebatable…
Treasury has advised that Australia has signed new Tax Information Exchange Agreements with: Bahrain – signed on 15 December 2011. Andorra – signed on 24 September 2011. Liberia – signed on 11 August 2011. The Agreements provide for the exchange of information on request in both criminal and civil tax matters. They will enter into…
The Government has announced that Australia and India have signed a Protocol amending the double taxation agreement between the 2 countries. The amending protocol was signed on 16 December 2011 and updates various aspects of the agreement including cross-border services, source country taxation, and assistance in collection of taxes. The amending protocol will enter into…
M o r g a n’ s T a x M o n t h – January 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Treasurer on Fri 20.12.2013, announced the final terms of reference for the Government’s Financial System Inquiry and the appointment of 4 members to serve on the Inquiry panel which is being chaired by Mr David Murray AO. The 4 members to serve on the Inquiry panel are: Professor Kevin Davis (currently a Professor of…
The Assistant Treasurer on Fri 20.12.2013, announced reforms the Government intends to make to the Future of Financial Advice (FoFA) legislation. Senator Sinodinos said the Government supported the principles of FoFA, but considered the previous Government’s reforms went too far, creating unnecessary complexity, imposing significant burdens on industry and reducing the availability and increasing the…
The Government has invited submissions from individuals, businesses and community groups on their priorities for the 2014-15 Budget. In order to allow views to feed into the budget process at an early stage, Senator Sinodinos asked that interested parties lodge submissions as soon as possible, and no later than Friday 31 January 2014. Source: Assistant Treasurer’s media…
The Prime Minister on Wed 18.12.2013, announced that the Government would implement a wide-ranging industry initiative comprising targeted support for regions impacted by the wind-down of Holden’s manufacturing operations by 2017; reviews of the South Australian and Victorian economies; and development of a National Industry Investment and Competitiveness Agenda which will focus on our strengths,…
The House of Reps Joint Select Committee on Northern Australia Committee has commenced an inquiry into the development of Northern Australia. The Committee has been tasked with the role of helping to define the future of Australia’s North. The Committee will consider policies for developing the parts of Australia which lie north of the Tropic of…
On 6 November 2013, the Government announced that the indexation of rates of tobacco excise and excise equivalent customs duty would change to AWOTE, instead of the CPI. It was also announced that the Government would proceed with a series of four 12.5% increases in excise and excise equivalent customs duty for tobacco and tobacco products, scheduled…