The Taxation Legislation Amendment Bill 2014 (WA) has passed the WA Legislative Council with amendments and will return to the Legislative Assembly for concurrence. It proposes to amend the Duties Act 2008 (WA), Land Tax Assessment Act 2002 (WA), Pay-roll Tax Assessment Act 2002 (WA), and Taxation Administration Act 2003 (WA), to improve the efficacy…
The Taxation Legislation (Miscellaneous Amendments) Bill 2014 (Tas) and the Land Tax Rating Amendment Bill 2014 (Tas) on Tue 9.12.2014, received Royal Assent as Acts No 21 and 22 of 2014, respectively. They had passed all stages of the Tasmanian Parliament without amendment and amend the following Tasmanian Acts: the Duties Act 2001, the Land…
The Tax Practitioners Board (TPB) has released the following proposed guidelines: Proposed Guideline TPB(PG) 04/2014 Course in Australian taxation law that is approved by the Board for tax (financial) advisers; and Proposed Guideline TPB(PG) 05/2014 Course in commercial law that is approved by the Board for tax (financial) advisers. The purpose of the information is…
The Government has announced 4 new appointments to the Board of Taxation. Mr Michael Andrew has been appointed as Chair with Mrs Peggy Lau Flux, Mr Mark Pizzacalla and Mr Craig Yaxley appointed as members of the Board. Mr Michael Andrew is currently the Co-Chair of the Australian B20 Working group on Anti-Corruption and Transparency. Mrs…
The Australian Charities and Not-for-profits Commission (ACNC) on Thur 11.12.2014, released a template constitution to assist small charitable companies limited by guarantee. The new template constitution is designed to help small organisations with simple membership that are: a not-for-profit organisation that wants to incorporate as a company limited by guarantee and register as a charity…
The Australian Charities and Not-for-profits Commission (ACNC) has extended the 2014 Annual Information Statement deadline for charities that use a standard reporting period of 1 July – 30 June. These charities now have until 31 January 2015 to submit their 2014 Annual Information Statement. ACNC Commissioner, Susan Pascoe AM, said the extension was to take account of the ACNC office…
According to statistics released by the ATO on Wed 17.12.2014, the number of self-managed super funds (SMSFs) has increased by 29% to 534,000 in 5 years and with total assets growing to $557bn. The statistics are featured in the ATO’s report entitled, Self-Managed Superannuation Funds: A Statistical Overview 2012-13. It showed that over 5 years to…
The ATO said it continues to receive private binding ruling requests about whether related party limited recourse borrowing arrangements (LRBAs) give rise to non-arm’s length income (NALI). Following industry consultation, on 12 December 2014, the ATO issued ATO ID 2014/39 and ATO ID 2014/40. The IDs set out the ATO’s view that the NALI provisions apply to…
The Federal Court has ordered that a trustee of a self-managed super fund (SMSF) pay a monetary penalty of $32,500 for contraventions of the SIS Act relating to the making of 6 loans to a relative of a member of the fund. The Court noted the parties jointly submitted that the trustee pay a monetary…
The Tax and Superannuation Laws Amendment (2014 Measures No 4) Regulation 2014 was registered on Tue 16.12.2014. It amends the Superannuation Industry (Supervision) Regulations 1994 and Income Tax Regulations 1936 to: (i) allow employers to deliver all of their superannuation contributions data to a single location, and (ii) to provide tax exemption for…