John Morgan is a tax specialist lawyer of more than three decades experience now practicing at the Victorian Bar - w: www.FJMtax.com e: f.john.morgan@vicbar.com.au

*Removal of CGT discount for foreign individuals: draft legislation released [5]

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…

*Changes to CGT scrip-for-scrip rollover and small business concessions: draft legislation released [6]

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…

Tax and Superannuation Laws Amendment (2013 Measures No 1) Bill 2013 – Joint Committee recommends passing Bill but split on party lines [8]

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:…

International Organisations Privileges and Immunities Amendment Bill introduced [9]

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…

Monthly PAYG instalments for large taxpayers: draft legislation released [11]

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…

NSW land tax: Panthers Investment Corporation Pty Ltd & Anor v Chief Comr of State Revenue – land not owned by or in trust for rugby league club, so exemptions denied [83]

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…