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%…
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…
M o r g a n’ s T a x M o n t h – December 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in December 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
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…
The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 (FoFA amendment regs) were disallowed by the Senate on Wed 19.11.2014, after Senators Lambie and Muir joined cross-bench Senators to support a motion by Senator Dastyari (ALP) to disallow the Government’s FoFA amendment regs. The vote to disallow the Regulation was agreed to 32 votes…
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…
The report of the House of Reps Standing Committee on Economics into Foreign investment in residential real estate was tabled Thur 27.11.2014. The 148-page report made 12 recommendations, including that the Government apply a modest administrative fee to the current screening for all foreign purchases of residential real estate, including purchases by temporary residents. This…
The Victorian State Revenue Office (SRO) has reminded employers of holders of private security individual operator licences that the voluntary disclosure period is nearing its end. In September 2014, the SRO issued Payroll Tax Bulletin PTX1/14 which offers employers a reduced rate of penalty tax if they voluntarily disclose on or before 30 November 2014 that they have classified…
The Qld Office of State Revenue (OSR) has updated harmonised payroll tax Public Ruling PTA028.2 (Employment agency contracts – workers on-hired to government). The Ruling clarifies the correct payroll tax treatment of payments made by an employment agent to a worker on-hired to a government department. The Ruling took effect on 1 July 2014. [FJM Note: This…
A taxpayer has been unsuccessful before the Victorian Civil and Administrative Tribunal in a matter concerning the Victorian land rich provisions. The matter concerned an assessment issued to the taxpayer in February 2011 for $5.2m (which comprised $3.8m in duty, $937,775 in penalties, and $488,993 in interest). For the purposes of the proceedings, the taxpayer was acting…