*Small mineral exploration companies – tax incentive for shareholders: draft legislation [7]

On 10 October 2014, Treasury released for comment draft legislation to implement the Government’s election commitment to provide an Exploration Development Incentive. The proposed Exploration Development Incentive would be available to Australian-resident investors in small mineral exploration companies. Under the incentive, investors may be entitled to the EDI tax offset or additional franking credits where the company in which…

Govt to repeal unnecessary legislation – introduction of Omnibus Repeal Day (Spring 2014) Bill 2014 and Amending Acts 1970 to 1979 Bill 2014 [9]

The Government on Wed 22.10.2014, introduced legislation to repeal nearly 1,000 unnecessary pieces of legislation and regulations and 7,210 pages of legislation and regulation. With today’s Spring Repeal Day, the PM said the repeal measures will save individuals, businesses and the not-for-profit sector over $2.1bn in compliance costs. The Bills introduced on Wed 22.10.2014 to…

*Withdrawing excess non-concessional super contributions: draft legislation [6]

Treasury on Fri 10.10.2014, released for comment draft legislation which proposes to give effect to the 2014-15 Budget proposal to allow individuals the option of withdrawing super contributions in excess of the non-concessional contributions cap made from 1 July 2013 and associated earnings, with these earnings to be taxed at the individual’s marginal tax rate. According to…

*Miscellaneous tax and superannuation law amendments: exposure draft legislation released [5]

Treasury on Tue 30.9.2014, released for comment exposure draft legislation to give effect to various miscellaneous amendments to the taxation and superannuation laws, including minor changes the following acts: ITAA 1997; 1TAA 1936; TAA; GST Act; SIS Act; SGAA; etc. According to Treasury, the changes are minor and technical in nature, and include removing errors,…

*Korea-Australia Free Trade Bills passed [3]

The Customs Amendment (Korea-Australia Free Trade Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Korea-Australia Free Trade Agreement Implementation) Bill 2014 have now passed all stages without amendment and effectively await Royal Assent, after being passed by the Senate on Wed 1.10.2014. The Bills will give effect to certain obligations under the Free Trade Agreement…

*Tax and Superannuation Laws Amendment (2014 Measures No 4) Bill receives Royal Assent [1]

The following Bills received Royal Assent on 16 October 2014 (they had passed all stages without amendment): Tax and Superannuation Laws Amendment (2014 Measures No 4) 2014 – Act No 110 of 2014 – contains amendments concerning thin cap, foreign residents and capital gains, foreign dividends, and the issue of tax receipts to taxpayers. Omnibus Repeal Day…