The Tax Laws Amendment (2013 Measures No 2) Bill 2013 was introduced in the House of Reps on Wed 29.5.2013. It is a large Bill containing the following amendments: Monthly PAYG instalments: would amend Div 45 of Sch 1 to the Taxation Administration Act 1953 to require certain large entities to pay PAYG instalments monthly. Entities will…
The House Standing Committee on Economics on Tue 14.5.2013, tabled its report on Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013. The Bill contains amendments concerning: documentaries and film tax offsets (Schedule 1); ex-gratia payments made to people affected by natural disasters (Schedule 2); GST instalments (Schedule 3); DGR list (Schedule 4);…
The Tax Laws Amendment (Medicare Levy) Bill 2013 was introduced in the House of Reps on Wed 15.5.2013 [the morning after the Federal Budget] to give effect to the Government’s Budget proposal to increase the Medicare levy low-income threshold for families, as well as the dependent child component of the threshold. The Bill proposes to…
The Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 was passed on Tue 28.5.2013, by the House of Reps without amendment and now moves to the Senate. The Bill contains amendments concerning: GST instalment system – Bill would amend Div 162 of the GST Act to enable entities that are paying their GST…
The Tax Laws Amendment (2013 Measures No 1) Bill 2013 was introduced in the House of Reps on Wed 15.5.2013. It contains the following amendments: : the Bill proposes to amend the ITAA 1997: to Strengthening CGT scrip-for-scrip roll-over and other small business concessions (Schedule 1)ensure that certain integrity rules in the small business concessions and…
On 14 May 2013, the Treasurer handed down the 2013-14 Federal Budget, his 6th, and arguably most difficult, Budget. Significant revenue shortfalls over those budgeted for (despite growth in overall revenue collections year-on-year), and Government spending commitments such as the National Disability Insurance Scheme and the Gonski school reforms, placed considerable pressure on framing this year’s Budget.…
Expenditure on mining rights and information will no longer qualify for an immediate deduction. According to the Government, this change will address situations where an immediate deduction is being claimed for the costs of acquiring an interest in natural resources that have effectively already been discovered. Mining rights and information first used for exploration will…
The Government announced that it would address profit shifting by multinationals through the disproportionate allocation of debt to Australia by tightening and improving the integrity of several aspects of Australia’s international tax arrangements, with effect for income years commencing on or after 1 July 2014. The Government expects this to have an estimated gain to revenue of…
In last year’s 2012-13 Budget, the Government released details of what it called its “tax reform roadmap” which it said builds on the work already done by the Henry Review and the Government’s response, and the 2011 Tax Forum. In the 2013-14 Budget on 14 May 2013, the Government updated its tax reform road map. It reiterated…
The Budget will improve the integrity of the corporate tax system by addressing a number of key issues relating to consolidated groups that were identified by the Board of Taxation in June 2012 and April 2013. In particular, the law will be amended to ensure that: Consolidated groups will no longer be able to access double deductions by shifting…