The Government on Fri 3.5.2013, released an Issues Paper – Implications of the Modern Global Economy for the Taxation of Multinational Enterprises seeking comments on the risks to the sustainability of Australia’s revenue base from multinational profit shifting and aggressive tax minimisation. The paper is available on the Treasury Website. The Assistant Treasurer said the…
The Family Assistance and Other Legislation Amendment Bill 2013 was passed by the House of Reps late on Wed 29.5.2013 with 8 Government amendments. Those amendments seek to implement the 2013-14 Budget announcement that the Government would replace the Baby Bonus from 1 March 2014 with the following arrangements: It will increase Family Tax Benefit Part A…
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…
Bills introduced The Medicare Levy Amendment (DisabilityCare Australia) Bill 2013 and the DisabilityCare Australia Fund Bill 2013 (along with a package of 10 other Bills) were introduced into the House of Reps on Wed 15.5.2013 [the morning after the Federal Budget]. On 1 May 2013, the Government announced that it would increase the Medicare levy by half…
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…
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…
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…
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…
The Private Health Insurance Legislation Amendment (Base Premium) Bill 2013 was introduced into the House of Reps on Wed 15.5.2013 [the morning after the Federal Budget]. The Bill proposes to implement the Government’s 2012-13 MYEFO announcement that from 1 April 2014, the premium to which the Private Health Insurance Rebate is applied will move in line with…
A notice has been gazetted specifying the repayment incomes and repayment rates for the Higher Education Loan Program (HELP) for the 2013-14 financial year. The details are: HELP repayment rates from 1 July 2012 For repayment income in the range Percentage rate to be applied to repayment income Below $51,308 Nil $51,308 to $57,153 4.0% $57,154 to…