*Unexplained Wealth Amendment Bill introduced [110]

The Crimes Legislation Amendment (Unexplained Wealth and Other Measures) Bill 2014 was introduced in the House of Reps this Wed 5.3.2014. It contains measures to implement recommendations made by the Parliamentary Joint Committee on Law Enforcement (the PJC-LE) in its final report on its inquiry into Commonwealth unexplained wealth legislation and arrangements. The inquiry took evidence…

Pensions to increase from 20 March [109]

The Government has advised that more than 3.6m pensioners will receive an increase to their payments from 20 March 2014. Minister for Social Services, Kevin Andrews, said single age pensioners will receive an increase of id=”mce_marker”5.70 a fortnight, while age pensioner couples will receive $23.80 extra a fortnight. “This means total pension payments for people on the…

OECD paper on transfer pricing comparability data for developing countries – released for comment [104]

The OECD was requested by the G8 at its Lough Erne summit “to find ways to address the concerns expressed by developing countries on the quality and availability of the information on comparable transactions that is needed to administer transfer pricing effectively”. The OECD has now released a paper which sets out and briefly discusses…

NSW land tax: Neal v Chief Comr of State Revenue – PPR exemption wrongly claimed – 75% penalty tax for “intentional disregard” affirmed [101]

The NSW Civil and Administrative Tribunal has affirmed the Commissioner’s decision to impose on a taxpayer a 75% penalty tax for “intentional disregard” in relation to the taxpayer’s tax default as a result of incorrectly claiming the principal place of residence (PPR) land tax exemption in respect of a property for the 2000 to 2006…