WA: Taxation Legislation Amendment Bill 2014 – various amendments made by Legislative Council – then returned to Legislative Assembly [62]

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…

Tax (financial) advisers – Australian tax law and commercial law requirements: TPB [60]

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…

*Board of Taxation appointments – Mr Michael Andrew as Chair; Peggy Lau Flux, Mark Pizzacalla and Craig Yaxley as members [59]

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…

*ACNC template constitution for small charitable companies limited by guarantee [58]

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…

ACNC extended the date for lodgment of the 2014 Annual Information Statement to 31 January (because of office closure over Christmas) [57]

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…

*SMSFs – related party limited recourse borrowing arrangements on non-commercial terms could give rise to Non-Arms length Income (‘NALI’) [55]

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…

*Pass-through of super contributions data; ADF tax exemption – reg made [53]

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…