*Tax deductions for work-related self-education expenses to be capped at $2,000 – per Treasurer’s announcement [11]

The Treasurer has announced that the Government would introduce a $2,000 cap on tax deduction claims for work-related self-education expenses per person from 1 July 2014. The announcement was made “as part of a package of reforms to make a down-payment on the National Plan for School Improvement”. Mr Swan said that without a cap, “it’s possible…

*Government to increase non-primary production income threshold from $65k to $100k for Farm Management Deposits [12]

The Government has announced enhancements to the Farm Management Deposits (FMD) scheme to assist farmers and support the rural sector as a part of its Farm Finance package. It said it will increase the non-primary production income threshold from $65,000 to id=”mce_marker”00,000 so that more primary producers can access the scheme and diversify their income…

Resource Capital Fund III LP v FCT – Taxpayer wins appeal: Aust/US DTA rules out assessability of $58m capital gain on sale of shares [15]

In a decision handed down on Fri 26.4.2013, the Federal Court allowed a taxpayer’s appeal and held that default assessments that included as assessable income a $58m capital gain were precluded by the Australia/US DTA. In July 2007, the taxpayer (RCF) sold 52.5m fully paid ordinary shares in St Barbara Mines Ltd (now called St Barbara Limited)…

Tax loss incentive for major infrastructure projects: draft legislation released [8]

The Government on Thur 18.4.2013, released draft legislation for a new tax loss incentive for major infrastructure projects [this was announced in the 2011-12 Federal Budget on 10 May 2011]. The draft legislation is on the Treasury website. Under the new regime, the Infrastructure Coordinator, a statutory officeholder under the Infrastructure Australia Act, will designate projects as…

ABNs and unregistered business names – draft regs released [7]

The Government Thur 18.4.2013, released draft regulations designed to ensure that unregistered business names that were on the Australian Business Register (ABR) before 28 May 2013 can continue to be publicly disclosed by the Registrar of the ABR until 30 June 2014. The proposed regulations would amend the A New Tax System (Australian Business Number) Regulations 1999. COMMENTS are…

Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013 – public hearing by House of Reps Economics Committee on 18 April [6]

The House of Reps Economics Committee will hold a public hearing this Thursday, 18 April 2013 into the Tax and Superannuation Laws Amendment (2013 Measures No 2) Bill 2013. The hearing will cover 3 schedules in the Bill: Schedule 1 which proposes to define a “documentary” for the purpose of accessing film tax offsets, and makes explicit…

FBT regs amended re excluded LAHA and other fringe benefits from being ‘reportable fringe benefits’ for Commonwealth employees posted overseas and domestically [4]

The Fringe Benefits Tax Amendment Regulation 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Thur 11.4.2013. The purpose of this amending Regulation is to exclude living-away-from-home (LAFH) allowances and benefits, including certain expense payment benefits and residual benefits, from being reportable fringe benefits for Commonwealth employees posted both overseas and…

Quarterly payments of R&D tax incentive offset for companies turning over les than $20m from 1 Jan 20114 – draft legislation released [3]

The Government on Fri 12.4.2013, released for comment draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset. The new feature of the R&D Tax Incentive would allow eligible small and medium companies to access their R&D refund on a quarterly instalment basis. Quarterly credits will mean that,…