Japan-Australia Economic Partnership Agreement: Bills pass Reps [3]

The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 were both passed by the House of Reps on Tue 25.11.2014 without amendment and now move to the Senate. The first Bill proposes to amend the Customs Act 1901 to implement Australia’s obligations under…

*Tax and Superannuation Amendment (2014 Measures No 6) Bill 2014 – passes House of Representatives [1]

The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 was passed by the House of Reps on Tue 25.11.2014, without amendment and now moves to the Senate. The Bill contains amendments relating to: extending the existing CGT business restructure roll-overs; ensuring that foreign pension funds can access the managed investment trust (MIT)…

*Publication of company tax information to start 1 year earlier if Private Member’s Bill passes (2012/13 year onwards) [6]

Shadow Assistant Treasurer Andrew Leigh on Mon 24.11.2014, introduced a Private Member’s Bill in the House of Reps – the Tax Laws Amendment (Tax Transparency) Bill 2014. The Bill seeks to bring forward by one year the publication of data about the tax paid by companies with total income over id=”mce_marker”00m. If the Bill is…

Government to establish public register of financial advisers [75]

Finance Minister Senator Cormann announced on Friday 24 October 2014 that the Government will establish an enhanced, industry-wide public register of financial advisers. The register of financial advisers will include: the adviser’s name, registration number, status, and experience; the adviser’s qualifications and professional association memberships; the adviser’s licensee, previous licensees/authorised representatives and business name; what…

Amending FoFA regs stand: disallowance motion defeated in the Senate [74]

Labor’s motion (moved by Senator Dastyari) to have the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 disallowed was on Wed 1.10.2014, defeated in the Senate by 34 votes to 32. It is understood the Government had support from the Palmer United Party, the Motoring Enthusiasts Party, Family First and Liberal Democratic Party cross-benchers.…

NSW land tax: Bisvic Pty Ltd v Chief Comr of State Revenue (No 2) – primary production exemption refused [70]

In a decision handed down on Wed 8.10.2014, the NSW Civil and Administrative Tribunal refused a taxpayer’s claim for the primary production land tax exemption in respect of a property for the 2012 land tax year. The taxpayer claimed that on the taxing date (30 December 2011), it was using the land for the dominant purpose of…