Committee recommends passing 2012 Tax Bill No.6 with changes for in-house fringe benefits, limited recourse debt and rebates for medical expenses etc.

The House of Reps Standing Committee on Economics has completed its inquiry into the proposed amendments to the tax treatment of in-house fringe benefits, limited recourse debt and rebates for medical expenses, among other changes, contained in the Tax Laws Amendment (2012 Measures No 6) Bill 2012. The Bill is currently before the House of…

Consolidating dependency tax offsets – draft legislation released [5]

Treasury Wed 13.2.2013, released draft legislation to implement the Government’s 2012-13 Federal Budget announcement that it would consolidate 8 of the existing dependency tax offsets into a single, streamlined offset with respect to the 2012-13 and future income years. From 2012-13 onwards, the new Dependant (Invalid and Carer) Tax Offset (DICTO) will only be available…

Venture capital: Government agrees to Board of Taxation’s recommendations [6]

The Assistant Treasurer Mon 18.2.2013, released the Board of Taxation’s Review of taxation arrangements under the venture capital limited partnerships regime. The Government’s response to this report was announced as part of the Venture Australia package which forms an element of the Government’s Industry and Innovation Statement. The Board’s report is on its website. The…

WA: remission of penalty tax for late payment – Commissioner’s Practice updated [81]

The WA Office of State Revenue (OSR) has issued Commissioner’s Practice TAA 20.2 (Remission of penalty tax – for late payment) outlining the circumstances in which penalty tax for late payment of duty or tax will be remitted. The Commissioner’s Practice replaces the previous version (TAA 20.1) and took effect on 14 December 2012.

[LTN 12,18/1/13]