The Federal Minister for Justice, Michael Keenan, Wed 4.12.2013 announced a review of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws. Mr Keenan said that transaction information provided under AML/CTF laws is vital for following the money trail to crack down on serious and organised crime groups, such as Outlaw Motorcycle Gangs, profiting from illegal activities.…
The Assistant Treasurer has announced the appointment of Mr Andrew Mills as a full-time Second Commissioner of Taxation to the ATO for a 7-year period. Mr Mills is currently a director with specialist tax advisory firm Greenwoods & Freehills and is a former president of The Tax Institute. He has extensive knowledge and experience in…
On Saturday, 14 December 2013, the Assistant Treasurer announced the outcome of consultations over the remainder of the 92 announced but unlegislated tax and superannuation measures. The Government previously announced that 18 measures would proceed, 3 would be amended and 7 would not go ahead including FBT changes re cars and the cap on self-education expenses. Senator…
The Tax Bonus for Working Australians Repeal Bill 2013 was introduced in the House of Reps on Thur 12.12.2013. It proposes to repeal the Tax Bonus for Working Australians Act (No 2) 2009 (Tax Bonus Act) to ensure that the Commissioner of Taxation does not make any further tax bonus payments. The Bill also makes consequential…
The Government on Wed 11.12.2013, released draft legislation and explanatory materials to implement the 2013-14 Budget measure to phase-out the net medical expenses tax offset (NMETO). The Government announced that it would proceed with the measure on 6 November 2013 as part of the 18 announced but unenacted measures that would proceed. This measure would amend the…
The Commonwealth Places (Mirror Taxes) (Modification of Applied Law – Victoria) Notice 2013 was registered on Fri 6.12.2013. It provides for applied Victorian taxing laws to be modified to the extent necessary or convenient to enable their effective operation as a Commonwealth law and for the combined liability of a taxpayer under the applied law…
The Tax Laws Amendment (Research and Development) Bill 2013 has been referred to the Senate Economics Legislation Committee for inquiry and report by 17 March 2014. The Bill proposes to amend the ITAA 1997 to deny access to the R&D tax incentive for companies with aggregated assessable income of $20bn or more for an income year. [LTN…
The Charities Act 2013 defines “charity” and “charitable purpose” for the purposes of all Commonwealth legislation, including taxation legislation. The Government amendments made by the House of Reps on Wed 4.12.2013 to the Social Services and Other Legislation Amendment Bill 2013 introduced new provisions to the Bill that would delay the commencement of the Charities…
M o r g a n’ s T a x M o n t h – December 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in December 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Government has appointed former Commonwealth Bank and Future Fund chief: Mr David Murray AO, to head an inquiry into Australia’s financial system. The PM said the inquiry will make recommendations to foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness. He said that, as part of the…