Australia and the US sign agreement on FATCA and enabling Act will follow [72]

The Treasurer has announced that Australia and the United States on Mon 28.4.2014 signed an intergovernmental agreement (IGA) to reduce the burden on Australian financial institutions in complying with the United States’ Foreign Account Tax Compliance Act (FATCA). FATCA is a US information-reporting regime that will commence on 1 July 2014 and will affect a large part…

*Australia and Japan conclude a Free Trade Agreement [69]

Minister for Trade Andrew Robb has announced that Australia has concluded negotiations on an historic Economic Partnership Agreement with Japan. The Minister said Australia has broken new ground as the first major agricultural exporting economy to conclude such a liberalising agreement with Japan. Key features on the Agreement include: a halving of the Japanese tariff on frozen beef…

*New EU rules on statutory audits of public interest entities: 10 year mandatory rotation, ban on providing tax advice and other ‘black list’ services [68]

The European Parliament has adopted in plenary session the amended Directive on Statutory Audit and the Regulation on specific requirements regarding the statutory audit of public-interest entities (PIEs). The new framework will cover all statutory audits required by EU law. Key measures in the proposed new legal framework for statutory audit include: Public-interest entities will…

NSW land tax: Favello Pty Ltd & Ors v Chief Comr of State Revenue – primary production land tax exemption refused [64]

Three related taxpayers have been unsuccessful before the NSW Civil and Administrative Tribunal in seeking the primary production land tax exemption in relation to 27 properties pursuant to s 10AA of the Land Tax Management Act1956 (NSW). The taxpayers sought the land tax exemption for the properties for the 2006 to 2010 land tax years (for…

NSW payroll tax: Starr Partners Pty Ltd v Chief Comr of State Revenue – grouping decision affirmed [63]

In a decision handed down on Mon 28.4.2014, the NSW Civil and Administrative Tribunal affirmed a decision of the NSW Chief Commissioner of State Revenue to group a taxpayer with 6 other entities for payroll tax purposes. Following an audit, the Commissioner grouped the taxpayer with 6 other entities for payroll tax purposes and issued…

NSW stamp duty: Al-Saeed and Associates Pty Ltd v Chief Comr of State Revenue – “declaration of trust” – trust deed dutiable, but interest to be remitted [62]

The Appeal Panel of the NSW Civil and Administrative Tribunal has affirmed the Commissioner’s decision to assess to duty a Trust Deed on the basis that the Deed comprised a “declaration of trust” over a property, but decided the premium interest component should be remitted. The taxpayer was assessed to ad valorem duty on a…