The Institute of Public Accountants (IPA) has announced that its Board of Directors has decided to adopt its own Pronouncement 11 Financial Planning Services as an alternative to APES 230, a standard for financial advisory services issued by the Accounting Professional and Ethical Standards Board (APESB). IPA CEO Andrew Conway said “the IPA has consulted…
The Assistant Treasurer Arthur Sinodinos on Sun 13.10.2013, spoke at the Association of Financial Advisers’ National Conference held in the Gold Coast. The speech was Mr Sinodinos’ first official address as Assistant Treasurer. Mr Sinodinos discussed regulation of the financial sector noting that the Coalition’s financial system inquiry “will chart a course for the financial…
On 30 July 2013, the OECD invited comments from interested parties on the Revised Discussion Draft on Transfer Pricing Aspects of Intangibles. The OECD has now published the comments it received. Comments were received from a wide range of parties, including BDO, BIAC, Chartered Institute of Taxation (CIOT), PwC Global, KPMG, Deloitte, EY, Grant Thornton UK, Transfer…
The OECD has published a memo that addresses both the type of information that should be reported in a country-by-country template and the administrative mechanisms that such information can be made available to jurisdictions. The topic will be discussed during a transfer pricing public consultation on 12 and 13 November 2013. The OECD says one option could…
The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the September quarter 2013 increased 1.2 from the June 2013 quarter to 104.0. The Australian Bureau of Statistics (ABS) said inflation was running at 2.2% through the year to 30 September 2013 (down from 2.4% through the year…
The WA Office of State Revenue (OSR) has issued Commissioner’s Practice DA 31.0 (Duties – cancelled transactions). It outlines the application requirements for assessment and reassessment of duty liability under ss 107 and 88A of the Duties Act 2008 (WA) where a dutiable transaction has been cancelled. The Commissioner’s Practice took effect on 22 October 2013. [LTN…
The NSW Office of State Revenue (OSR) has released Revenue Ruling No LT 3 Version 2 (Related companies). The Ruling explains the related company grouping provisions contained in s 29 of the Land Tax Management Act 1956 (NSW). The updated Ruling took effect on 23 October 2013. [LTN 208, 28/10/13]
RevenueSA has issued Information Circular No 65 (Extension of the Boundaries of Stamp Duty Relief for Off-the-plan Apartments). According to the Circular, the SA Government has announced, effective from 28 October 2013, that the stamp duty concession for contracts entered into to purchase qualifying off-the-plan apartments under s 71DB of the Stamp Duties Act 1923 (SA) will be…
The Chief Commissioner of State Revenue (NSW) has lodged a notice of appeal to the NSW Court of Appeal against the decision in CCM Holdings Trust Pty Ltd & Anor v Chief Comr of State Revenue [2013] NSWSC 1072. In that case, 2 taxpayers were successful before the NSW Supreme Court in revoking assessments issued…
In an interlocutory matter, the NSW Supreme Court has refused the NSW Commissioner of State Revenue’s application for leave to serve a subpoena to produce documents on a company (Noble Group) in Hong Kong. Broadly, the underlying tax matter concerned an acquisition by the taxpayer of all the shares in another company (Donaldson Coal, a…