*Increase in Medicare levy and DisabilityCare Australia fund: draft legislation released [18]

The Government late on Mon 13.5.2013, released draft legislation proposing to implement the Government’s announcement to increase the Medicare levy from 1.5% to 2% of taxable income from 1 July 2014. The draft legislation will also establish the DisabilityCare Australia Fund. The Government said the draft legislation has been released so that it can be considered by…

New Disaster Recovery Allowance Bill passes Reps – including provisions to make it taxable, but subject to rebates to keep the rate low [25]

The Social Security Legislation Amendment (Disaster Recovery Allowance) Bill 2013 was passed by the House of Reps on 15 May 2013 without amendment and then introduced in the Senate (it will be debated there after the Senate resumes on 17 June 2013). It proposes to create a new payment, the Disaster Recovery Allowance, a fortnightly income support payment for…

Shipping reform tax incentives – specification of kinds of vessels that are not exempt and thus eligible for incentives [22]

The Shipping Reform (Tax Incentives) Act 2012 – Subsection 10(5) specification of kinds of vessels was registered on the Federal Register of Legislative Instruments Wed 15.5.2013. It specifies 6 additional kinds of vessels which are not to be “excluded vessels”, and therefore would be eligible for tax concessions under the Shipping Reform (Tax Incentives) Act…

*Tax and Super Amendment (No 1) Bill amended re loss carry-back; SMSF related party acquisition measures deleted [15]

The Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 was passed by the House of Reps late on Wed 29.5.2013 with 4 Government amendments concerning the loss carry-back measures and to delete the SMSF related party acquisition measures. It now moves to the Senate. Loss carry-back – The Bill proposes the insertion…

*General Anti-Avoidance Rules (Part IVA) and our ‘transfer pricing’ provisions – Bill passes House of Representatives [24]

The Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 was passed by the House of Reps today on Thur 16.5.2013 without amendment and was then introduced in the Senate where debate was adjourned. The Bill proposes amendments to Pt IVA of the ITAA 1936 to ensure its effective operation as the…

*Tax Amendment Bill (No 2) introduced: monthly PAYG; transparency; CGT discount for non-residents; etc [14]

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…

Tax and Superannuation Laws Amendment (No.2) – Committee recommends consultation on super account mergers [23]

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);…