The Customs Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 and Customs Tariff Amendment (Japan-Australia Economic Partnership Agreement Implementation) Bill 2014 were both passed by the House of Reps on Tue 25.11.2014 without amendment and now move to the Senate. The first Bill proposes to amend the Customs Act 1901 to implement Australia’s obligations under…
The Customs (Korean Rules of Origin) Regulation 2014 was registered on 3 November 2014. It prescribes matters relating to the rules of origin that are required to be prescribed under new Div 1J of Pt VIII of the Customs Act 1901. The Customs Amendment (Korean Rules of Origin) Regulation 2014 was also registered on 3 November 2014. It amends the…
The Tax and Superannuation Laws Amendment (2014 Measures No 6) Bill 2014 was passed by the House of Reps on Tue 25.11.2014, without amendment and now moves to the Senate. The Bill contains amendments relating to: extending the existing CGT business restructure roll-overs; ensuring that foreign pension funds can access the managed investment trust (MIT)…
Shadow Assistant Treasurer Andrew Leigh on Mon 24.11.2014, introduced a Private Member’s Bill in the House of Reps – the Tax Laws Amendment (Tax Transparency) Bill 2014. The Bill seeks to bring forward by one year the publication of data about the tax paid by companies with total income over id=”mce_marker”00m. If the Bill is…
M o r g a n’ s T a x M o n t h – November 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in November 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Government on Fri 24.10.2014, released its response to the 61 recommendations of the Report of the Senate Economics Committee inquiry into the performance of ASIC. Acting Assistant Treasurer Senator Mathias Cormann said ASIC had agreed to establish an Office of the Whistleblower within ASIC to improve the way it deals with whistleblowers. ASIC has…
Finance Minister Senator Cormann announced on Friday 24 October 2014 that the Government will establish an enhanced, industry-wide public register of financial advisers. The register of financial advisers will include: the adviser’s name, registration number, status, and experience; the adviser’s qualifications and professional association memberships; the adviser’s licensee, previous licensees/authorised representatives and business name; what…
Labor’s motion (moved by Senator Dastyari) to have the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 disallowed was on Wed 1.10.2014, defeated in the Senate by 34 votes to 32. It is understood the Government had support from the Palmer United Party, the Motoring Enthusiasts Party, Family First and Liberal Democratic Party cross-benchers.…
In a decision handed down on Wed 8.10.2014, the NSW Civil and Administrative Tribunal refused a taxpayer’s claim for the primary production land tax exemption in respect of a property for the 2012 land tax year. The taxpayer claimed that on the taxing date (30 December 2011), it was using the land for the dominant purpose of…
The Queensland Office of State Revenue has released DA375.1.1: Administrative arrangement – s 375 of the Duties Act 2001 – insurance duty exemption for health insurance. Section 375 of the Duties Act provides that insurance duty is not imposed on a contract of insurance entered into in the course of an insurer’s health insurance business as…