CPI: up 0.8% for December quarter 2013 (2.7% over the year to 31 December 2013) [73]

The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the December quarter 2013 increased 0.8 from the September 2013 quarter to 104.8. The Australian Bureau of Statistics (ABS) said inflation was running at 2.7% through the year to 31 December 2013 (up from 2.2% through the year…

Commission of Audit (to find savings in Government spending) – phase one reporting date of 31 January 2014 to be extended by 2 weeks [72]

The Federal Government has granted a request from the National Commission of Audit to extend its reporting date for the phase one report by up to 2 weeks. The Government originally asked the group to deliver its recommendations in a short time frame by 31 January 2014. The Treasurer said the Commission has advised the Government that…

Vic stamp duty: aggregation of dutiable transactions and domestic builders – Revenue Ruling updated [69]

The Victorian State Revenue Office (SRO) has issued Revenue Ruling DA.026 (version 2) (Aggregation of dutiable transactions and the exception from aggregation for domestic builders where residential premises are to be constructed). The SRO says the Ruling has been updated to reflect the amendments made by the State Taxation Acts Amendment Act 2012 (Vic) to…

Post-implementation reviews OK: Non-commercial losses; FBT and car fringe benefits; ESS [71]

The Federal Office of Best Practice regulation on Wed 15.1.2014, released its findings into post-implementation reviews conducted by Treasury into: The non-commercial loss provisions introduced following the 2009-10 Budget announcement. FBT: changes to the statutory formula method for determining the taxable value of car fringe benefits ie applying a single 20% rate. Better targeting concessions…

FoFA amendments – draft regulations and legislation released [70]

The Assistant Treasurer on Wed 29.1.2014, released for public consultation draft regulations and legislation (and accompany explanatory materials) to enact the Government’s announced reforms to the Future of Financial Advice (FoFA) regime. Senator Sinodinos said although the Government was supportive of the FoFA principles, the previous Government’s reforms were “unwieldy, burdensome and unnecessarily complex”. He…