The OECD has announced that Switzerland has become the 58th country to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters during a ceremony held on Tue 15.10.2013. OECD Secretary-General Angel Gurria welcomed Switzerland’s adherence to the Convention, which he said “sends a clear and strong signal that Switzerland is part of the…
The Federal Government on Tues 22.10.2013, announced the commencement of its National Commission of Audit. The Commission will assess the role and scope of Government, as well as ensuring taxpayers’ money is spent wisely and in an efficient manner. The Commission’s work will feed into the Government’s work on the division of responsibilities between Local,…
Treasurer Joe Hockey on Wed 16.10.2013, addressed the American Australian Association in New York and discussed key short, medium and long term agendas of the Coalition Government. *Mr Hockey said the Coalition was “methodically going through every previously announced taxation policy that has not been legislated” and that there is a backlog dating back to 2001.…
The Labor Party has announced details of its Shadow Ministry. Federal Opposition Leader Bill Shorten announced the following: Deputy Leader of the Opposition – Tanya Plibersek. Shadow Treasurer – Chris Bowen. Shadow Assistant Treasurer – Dr Andrew Leigh. Shadow Minister for Financial Services and Superannuation – Bernie Ripoll. Shadow Minister for Finance – Tony Burke.…
Federal Parliament will resume on Tuesday, 12 November 2013 for a 4-week sitting before Christmas. It will sit for the rest of that week (13-14 Nov), the House of Reps only will sit the next week (18-21 Nov), break for a week and then wrap up the Parliamentary session with both Houses sitting for 2 weeks from…
The Government on Thur 24.10.2013, released for comment draft legislation – the Exposure Draft Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 – to repeal the Minerals Resource Rent Tax (MRRT) and related tax measures. The Draft Bill proposes to remove the MRRT with effect from 1 July 2014. The Bill would also discontinue or…
M o r g a n’ s T a x M o n t h – October 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in October 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
KPMG has released results from a survey of nearly 600 family businesses throughout Australia. The survey report, entitled 2013 Family Business Survey, was produced in collaboration with Family Business Australia and the University of Adelaide’s Family Business Education and Research Group (FBERG). A key finding of the survey was that the majority of family firms…
ASIC has revealed details of its surveillance program to combat illegal phoenix activities. ASIC said phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the same director, continues the business under a…
The Department of Human Services has advised that it has requested and collected from eBay Inc the name, address, and date of birth of sellers with significant sales. The details will be electronically matched with specific Department data holdings to identify social welfare recipients who may not have disclosed income and assets to the Department. Records of…