In the Mid-Year Economic and Fiscal Outlook 2013-14, the Government announced that Prince’s Charities Australia will be able to accept tax deductible donations from 1 January 2014. Subject to an amendment to the ITAA 1997 being passed by the Parliament to specifically name the Prince’s Charities Australia as a DGR, Australian taxpayers that wish to support the…
The Chair of the Board of Taxation, Mrs Teresa Dyson, on Mon 16.12.2013 announced that the Board had released a discussion paper and was inviting written submissions to assist in its Review of the Thin Capitalisation Arm’s Length Debt Test in Div 820 of the ITAA 1997. Further information is on the Board’s website. The review…
Trade Minister Andrew Robb on Thur 5.12.2013, announced that Australia has concluded negotiations for a Free Trade Agreement (FTA) with the Republic of Korea, Australia’s 3rd-largest goods export market and 4th-largest trading partner. As a result of the Agreement, the Minister said tariffs will be eliminated on Australia’s major exports to South Korea and there…
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…