The High Court on Fri 14.2.2014, unanimously allowed a taxpayer’s appeal from a decision of the NSW Court of Criminal Appeal in Milne v R [2012] NSWCCA 24 which had upheld his conviction for money laundering under s 400.3(1) of the Criminal Code (Cth). The High Court said Mr Milne was the sole director and shareholder…
Allowing people to claim a tax deduction on financial advice will ensure better retirement outcomes and keep advice accessible and affordable, according to the Institute of Public Accountants (IPA). The Institute believes there is a strong case to support the tax deductibility for the costs associated with financial planning advice. “We understand the tight fiscal…
US Secretary of the Treasury Jack Lew announced at a press conference during the G20 summit in Sydney that the United States and Australia had completed a FATCA (US Foreign Account Tax Compliance Act) agreement “in substance, and we plan to sign it very soon”. Mr Lew said he was “pleased that the G20 is expected…
At the conclusion of the first G20 Finance Ministers and Central Bank Governors Meeting held in Sydney on Sun 23.2.2014, the Treasurer said they committed to implement policies to grow their collective GDP by more than 2% above the current trajectory over the next 5 years. He said that, realistically, “these policies could mean an…
Responding to a mandate from G20 leaders to reinforce action against tax avoidance and evasion and inject greater trust and fairness into the international tax system, the OECD on Thur 13.2.2014, unveiled a new single global standard for the automatic exchange of information between tax authorities worldwide. The standard calls on jurisdictions to obtain information…
On 6 November 2013, the Government announced its intention to proceed with the 2013-14 Budget proposal to improve tax compliance through third party reporting and data-matching. The proposal is designed to improve taxpayer compliance by enhancing the information reported to the ATO by a range of third parties through the introduction of new reporting regimes. It is…
The full text of Australia’s free trade agreement with Korea (KAFTA), our 3rd-largest export market and 4th-largest trading partner, has on Mon 17.2.2014 been released, the Minister for Trade and Investment Andrew Robb announced. The text is on the Dept of Foreign Affairs and Trade website. Mr Robb said KAFTA will bring immediate gains for…
The Social Security Legislation Amendment (Increased Employment Participation) Bill 2014 was introduced in the House of Reps on Thur 27.2.2014. It proposes to amend the Social Security Act 1991, the Social Security (Administration) Act 1999, and the ITAA 1997 to enable the implementation of the Government’s Job Commitment Bonus and the Relocation Assistance to Take Up…
The transcript of the hearing on 21 February 2014 of the Senate Economics Legislation Committee’s inquiry into the Tax Laws Amendment (Research and Development) Bill 2013 has been released. The inquiry was referred to the Committee by the Senate on 5 December 2013 for report by 17 March 2014. The Committee said that, to date, it had received 20 submissions, which…
The Government on Wed 12.2.2014, released for public consultation draft legislation to make amendments to the Farm Management Deposits (FMD) scheme. The draft legislation gives effect to the Government’s decision announced on 6 November 2013 to proceed with the former Government’s proposals to: increase the off-farm income threshold from $65,000 to id=”mce_marker”00,000, allowing primary producers to earn…