The Government introduced the Labor 2013-14 Budget Savings (Measures No 1) Bill 2014 in the House of Reps on Wed 16.7.2014. The Bill proposes to amend the Clean Energy (Income Tax Rates Amendments) Act 2011 to repeal the personal income tax cuts that were legislated to commence on 1 July 2015 eg the increase in the tax-free…
The Tax and Superannuation Laws Amendment (2014 Measures No 4) Bill 2014 was introduced in the House of Reps on Thur 17.7.2014. It makes the following amendments: THIN CAP: (i) tightens the debt limit settings in the thin capitalisation rules to ensure that multinationals do not allocate a disproportionate amount of debt to their Australian…
M o r g a n’ s T a x M o n t h – July 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in July 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Australian Competition and Consumer Commission (ACCC) has announced that it has instituted proceedings in the Federal Court against Adata Pty Ltd and Adata (Vic) Pty Ltd (together, Adata), alleging that Adata has breached the unsolicited consumer agreement provisions of the Australian Consumer Law (ACL). The ACCC said the allegations relate to Adata’s supply of…
Treasury on Thur 19.6.2014, released a discussion paper entitled, Common Reporting Standard for the automatic exchange of tax information. Treasury noted the Common Reporting Standard for the automatic exchange of tax information is a single global standard for financial institutions’ collection of financial account information on account holders who are residents in another jurisdiction, the…
The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was registered on Mon 30.6.2014, to give effect to the Government’s proposed amendments to the FoFA legislation to implement its 2013 election commitments. The Regulation amends the Corporations Regulations 2001 to implement the time-sensitive FoFA changes until the measures contained in the Corporations Amendment (Streamlining…
The Acting Assistant Treasurer on Fri 20.6.2014, set out how the Government intends to proceed with its proposed amendments to the Future of Financial Advice (FoFA) legislation. Senator Cormann said that the Government remains committed to implementing its FoFA amendments which seek to “strike the right balance” between protecting consumers and relieving the regulatory burden…
The Senate Economics Legislation Committee on Mon 16.6.2014, tabled its report on the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014. The Bill, which is still before the House of Reps, proposes changes to the Future of Financial Advice (FoFA) laws to, among other things: remove the need for clients to renew their…
The Victorian State Revenue Office (SRO) has advised taxpayers that the 2013-14 Annual Reconciliation is now available and is due to be lodged and paid by 21 July 2014. The SRO has produced a video about reconciliation for employers. Further information is available on the SRO website. [LTN 121, 26/6/14]
RevenueSA has reminded taxpayers that changes to the off-the plan apartment concessions will come into effect from 1 July 2014. For eligible off-the-plan purchase contracts, entered into between 1 July 2014 and 30 June 2016 for apartments with a value of $500,000 or less, stamp duty will be payable on the deemed unimproved value of the apartment plus the value of…