The Income Tax Assessment Amendment Regulation 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Mon 4.3.2013. It sets out the “cents per kilometre” rates for calculating tax deductions for car expenses in the 2012-13 income year. The rates remain unchanged from the 2011-12 year and are: Car expense rates per…
The Assistant Treasurer on Fri 8.3.2013, released for consultation exposure draft legislation and explanatory materials to remove the CGT discount for non-resident individuals on taxable Australian property, such as real estate and mining assets announced in the 2012-13 Federal Budget. The proposed measures will apply where an individual has a discount capital gain, including a…
The Government on Wed 20.3.2013, released for consultation an exposure draft legislation and explanatory material concerning 2 sets of CGT changes covering scrip-for-scrip rollover and small business concessions. The changes have been combined into one set of amendments. In the 2011-12 Budget, the Government announced that certain integrity rules in the CGT small business concessions…
Lower House Committee recommends Bill be passed The Advisory report of the House of Reps Standing Committee on Economics on the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Bill 2013 was tabled in the House of Reps on Tue 12.3.2013. The Committee recommended the House pass the Bill, although Coalition members of…
The report of the Parliamentary Joint Committee on Corporations and Financial Services on the Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 was tabled in the House of Reps on Wed 20.3.2013. It recommended the Bill be passed. However, a dissenting report by the Coalition members recommended the Bill not be passed unless:…
The International Organisations (Privileges and Immunities) Amendment Bill 2013 was introduced in the Senate by the Government Wed 13.3.2013. It proposes to amend the International Organisations (Privileges and Immunities) Act 1963 (P&I Act) to provide a legislative basis for the enactment of Regulations conferring privileges and immunities on the International Committee for the Red Cross…
The Assistant Treasurer on Wed 20.3.2013, gazetted a notice under s 4A of the International Tax Agreements Act 1953 that the double tax agreement between Australia and the Republic of Chile entered into force on 8 February 2013. The new treaty will take effect in Australia in 4 stages: in respect of withholding tax, on income derived on…
The Government on Mon 25.3.2013, released for comment draft legislation and explanatory materials to implement its 2012-13 MYEFO proposal to introduce monthly PAYG instalments for large taxpayers over a 3-year period, depending on the amount of their base assessment instalment income. In releasing the draft legislation, the Assistant Treasurer said submissions to the earlier February 2013 consultation…
M o r g a n’ s T a x M o n t h – March 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in March 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The NSW Supreme Court has found that lands transferred to 2 taxpayers by a rugby league club were neither owned by or in trust for the club, and that therefore the exemptions under s 10(1)(g)(iii) and s 10(1)(h) of the Land Management Act 1956 (NSW) did not apply. Penrith Rugby League Club Ltd (Panthers) and some of…