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

*Financial System Inquiry (by David Murray) – final report released [6]

The final report of the Murray Financial System Inquiry was released on Sun 7.12.2014. The Inquiry made 44 recommendations relating to the Australian financial system. The Inquiry identified 2 general themes where there is significant scope to improve the functioning of the financial system: 1. Funding the Australian economy; and 2. Competition. The Inquiry identified…

*Japan-Australia Economic Partnership Agreement: Bills receive Royal Assent and enter into force 15.1.15 [4]

The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 on Thur 4.12.2014, received Royal Assent as Act Nos 124 and 125 of 2014, respectively. The Bills both passed all stages without amendment. The first Bill amends the Customs Act 1901 to implement Australia’s…

*Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 – introduced [2]

The Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 was introduced in the House of Reps on Thur 4.12.2014. It makes the following amendments: Super excess non-concessional contributions – option to withdraw – amends the ITAA 1997 and the TAA to allow individuals the option of withdrawing excess superannuation non-concessional contributions (plus 85%…

*Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 received Royal Assent (Act No 133 of 2014) [1]

The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 received Royal Assent on 12 December 2014 as Act No 133 of 2014. It had passed all stages without amendment. The Bill contains amendments relating to: ▪       extending the existing CGT business restructure roll-overs. The Bill amends the ITAA 1997 to extend the existing CGT…

Foreign Acquisitions and Takeovers Regs amended re Korea and Japan FTAs [79]

The Trade Agreements Legislation Amendment Regulation 2014 was registered on Mon 3.11.2014. It amends the Foreign Acquisitions and Takeovers Regulations 1989 and the Life Insurance Regulations 1995 to give effect to Australia’s foreign investment screening and life insurance regulation commitments under the recently signed Korea-Australia Free Trade Agreement and the Japan-Australia Economic Partnership Agreement. Among other…

Enhanced register of financial advisers: draft reg released [81]

An Exposure Draft of the Corporations Amendment (Register of Relevant Providers) Regulation 2014 was released on Thur 27.11.2014, which proposes to make a number of amendments to the Corporations Regulations 2001 to: enable ASIC to establish and maintain a public register of financial advisers; and for Australian Financial Service licensees to collect and provide information…