The Australian National Audit Office (ANAO) on Thur 9.5.2013, released its Performance Audit Report No 34 2012-13 on the extent to which Treasury and the ATO have improved the management of tax expenditure estimates by implementing the 6 recommendations made in an earlier ANAO audit (Performance Audit Report No 32 2007-08) into the completeness and…
The Taxation Relief Bill 2013 (Tas) was introduced into the Tasmanian House of Assembly on Tue 28.5.2013. It implements the revenue measures announced in the 2013-14 Tasmanian Budget. This includes amendments to: the Duties Act 2001 (Tas) to exempt the transfer of caravans and camper trailers from motor vehicle duty from 1 July 2013; the Payroll Tax…
The NT Budget 2013-14 was handed down Tue 14.5.2013. The NT Treasurer David Tollner announced 2 proposals focusing on protecting the integrity of the Territory’s mineral royalty regime. The first proposal is to establish the rules governing the amount that a royalty payer can claim as a transfer pricing margin. Mr Tollner said accounting for…
The Australian National Audit Office (ANAO) on Wed 8.5.2013, released its Performance Audit Report No 33 2012-13 on the effectiveness of the Tax Practitioners Board’s implementation and administration of the regulatory arrangements for tax practitioners under the Tax Agent Services Act 2009 (TASA). The ANAO reported that the Board had introduced an effective national registration…
The Tasmanian Budget 2013-14 was handed down on Thur 23.5.2013. Key revenue measures included: the payroll tax threshold will increase from id=”mce_marker”.01m to id=”mce_marker”.25m from 1 July 2013; an application to transfer or register a caravan or camper trailer will be exempt from motor vehicle duty from 1 July 2013. This exemption will not extend to motorised camper vans…
The State Revenue Legislation Amendment Bill 2013 (NSW) was introduced into the NSW Legislative Assembly Wed 29.5.2013. It proposes a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include: making further provision for duty on transfer of options to purchase land, including to prevent avoidance practices; making further provision…
The Corporations and Markets Advisory Committee (CAMAC) today [Thur 30.5.2013] released its report Administration of charitable trusts. This report deals with administrative arrangements for charitable trusts managed by licensed trustee companies (LTCs). The terms of reference do not include charitable trusts administered by other persons, or other types of charitable entities. CAMAC’s starting point was…
The Australian Charities and Not-for-profits Commission (ACNC) on Tue 7.5.2013, released a statement on its regulatory approach. Details are on the ACNC website. Speaking at the release of the regulatory approach, ACNC Commissioner Susan Pascoe emphasized that the majority of charities act honestly but when willful wrongdoing occurs the Commission will use its regulatory powers.…
The ATO has released a draft version of the Fund Validation Service which contains draft fund details of APRA-regulated super funds. It said the response rate from APRA-regulated funds in providing details for the register has been encouraging and it will work with the industry to ensure that all fund details are included in the…
The Senate Economics References Committee on Tue 6.5.2013, released its report on the development and operation of the Minerals Resource Rent Tax (MRRT). The majority of the Committee recommended that the MRRT be abolished “at the earliest opportunity”, although dissenting reports were given by ALP Senators Bishop and Cameron and the Greens. On 26 February 2013, the…