Reuters says Britain has turned up the pressure on other rich economies to clamp down on secretive money flows at the upcoming G8 Summit in Ireland by pressing its overseas tax havens into a transparency deal and announcing new disclosure rules for British firms. Reuters said Prime Minister David Cameron wants to make progress on…
The ABS today [Tue 4.6.2013] released the Government Finance Statistics, March Quarter 2013. In the March quarter 2013, the stats show: Taxation revenue decreased 2.9% to id=”mce_marker”02.5bn, General government sector expenditure exceeded revenue resulting in a GFS net operating balance of -$4,676m and The GFS net lending(+)/borrowing(-) position for the general government sector was -$7,967m. [FJM Note: I’m not…
The NSW Administrative Decisions Tribunal has refused a taxpayer’s claim for the principal place of residence (PPR) land tax exemption in respect of a property for the 2011 land tax year. There was confusion concerning the background facts; however, essentially, the matter centered on the taxpayer’s position as at 31 December 2010 (the taxing date). In short,…
At a pre-G8 summit event on trade, tax and transparency in London, Rio Tinto called for businesses to be more transparent about their tax affairs and stressed the importance of governments taking further steps that encourage growth in the developing world and tackle poverty. Rio Tinto chief executive Sam Walsh participated in the event and…
The Corporations Amendment Regulation 2013 (No 3) was registered on the Federal Register of Legislative Instruments Tue 4.6.2013. It amends the Corporations Regulations 2001 to create a new limited licensing regime from 1 July 2013 which allows accountants (and others) to provide a broader range of financial product advice than currently allowed for under the existing accountants’…
Qld payroll tax: fringe benefits – Public Ruling The Qld Office of State Revenue (OSR) has updated Public Ruling PTA003.3 (Fringe benefits). The OSR notes the technical changes to the Ruling reflect amendments to the definition of “wages” in Sch 6 of the Payroll Tax Act 1971 (Qld), made under the Revenue and Other Legislation Amendment…
The NSW Court of Appeal has dismissed a taxpayer’s appeal against an earlier decision which had denied the taxpayer’s claim for the primary production land tax exemption in respect of a property for the 2008 to 2011 land tax years. The subject land adjoined other land owned by Mr S and others. There was no…
The Tax Justice Network Australia (TJN) has recommended that the Government introduce legislation, modelled on US legislation, to protect and reward private sector whistleblowers that expose tax evasion, tax avoidance and fraud against all levels of government in Australia. The reward, it said, should be a proportion of any funds recovered as a result of the…
On 29 May 2013, the OECD Ministerial Council at Ministerial Level, comprising countries including Australia, the UK, US, EU, France, Germany, etc, adopted a declaration on [Tax] Base Erosion and Profit Shifting (BEPS). It declared there was a pressing need to address BEPS and to work towards a level playing field in this area. The Council agreed…
The Qld Office of State Revenue (OSR) has issued Public Ruling PTA016 (Profit distributions and loan accounts). The harmonised Ruling clarifies the payroll tax treatment of certain payments and loans made to the proprietor of a business who is also an employee of that business and is taken to have commenced on 1 July 2008. The OSR…