Standard for 3 Accounting Bodies to provide financial planning services – start date delayed from 1 July 2013 to 1 July 2014 [83]

The Accounting Professional & Ethical Standards Board (APESB) has advised that it will delay the commencement date of APES 230 Financial Planning Services from 1 July 2013 to 1 July 2014 to allow stakeholders additional time to implement APES 230 once it is issued. The proposed new standard will apply to all members of Australia’s…

Malaysia-Australia Free Trade Agreement enters into force on 1 January 2013 [85]

The Minister for Home Affairs has gazetted a notice specifying that the Malaysia-Australia Free Trade Agreement entered into force for Australia on 1 January 2013. Bills introducing new rules of origin for goods that are imported into Australia from Malaysia to give effect to the Agreement – the Customs Amendment (Malaysia-Australia Free Trade Agreement Implementation and Other…

AASB Accounting Standard registered to withdraw interpretation as to when legislation is substantively enacted [86]

The AASB on Tue 22.1.2013, registered Australian Accounting Standard AASB 2012-9 to withdraw Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia for annual reporting periods beginning on or after 1 January 2013, with early application permitted. According to the Board, Australian Interpretation 1039 is withdrawn on the basis that an Australian Interpretation is not necessary.…

CPI: December quarter 2012 indexation factor for FBT purposes – December quarter increased 0.2 over September quarter to CPI of 102.0 [87]

The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the December quarter 2012 increased 0.2 from the September 2012 quarter to 102.0. Inflation for the year to 31 December 2012 was running at 2.2%. The most significant price rises for the quarter were for domestic holiday travel…

ACT payroll tax – A Plus Plumbing And Building Services Pty Ltd v Comr for ACT Revenue – penalty tax increased to 50%, but remitted back down to 25% [70]

In a decision handed down on 14 November 2012, but only just released, the ACT Civil & Administrative Tribunal increased the level of penalty tax payable by a taxpayer to 50% pursuant to s 31(2) of the Taxation Administration Act 1999 (ACT), but then decided to remit the penalty to 25% pursuant to s 37 of the TAA. The…

NSW stamp duty: Landfall Pty Ltd v Chief Comr of State Revenue – promissory note not “money”; apparent purchaser exemption denied [72]

The NSW Administrative Decisions Tribunal has affirmed the Commissioner’s decision to assess to duty a “custodian trust deed” and to refuse the taxpayer’s claim for the “apparent purchaser” exemption under s 55 of the Duties Act 1997 (NSW). The background facts are complex but essentially involved the acquisition by a superannuation fund (trustees and members being…

NSW payroll tax – Lombard Farms Pty Ltd v Chief Comr of State Revenue – de-grouping request refused [73]

The NSW Administrative Decisions Tribunal has refused a taxpayer’s application to be excluded from a payroll tax group under s 79 of the Payroll Tax Act 2007 (NSW). In June 2011, the Commissioner issued payroll tax assessments to the taxpayer for the 2008 to 2010 tax years following his decision to group the taxpayer with 4 other companies.…

NSW payroll tax – Nowlan Enterprises Pty Ltd v Chief Comr of State Revenue – Grouping decision affirmed [74]

The NSW Administrative Decisions Tribunal has affirmed the Commissioner’s decision to group a taxpayer with another company for payroll tax purposes for the 2008 and 2009 years under s 71(3) of the Payroll Tax Act 2007 (NSW). Both companies operated road freight transport businesses. The taxpayer’s directors were R and D (mother and son) with R…