The Tax and Superannuation Laws Amendment (2014 Measures No 3) Bill 2014 has passed the House of Reps without amendment and now moves to the Senate. It proposes to amend the capital allowances provisions in the ITAA 1997 to limit immediate deductibility of expenditure on mining rights and mining information. DATE OF EFFECT: applies to…
The following Bills have passed the House of Reps without amendment and now move to the Senate: Tax and Superannuation Laws Amendment (2014 Measures No 2) Bill 2014 – contains amendments to prevent dividend washing, protect taxpayers re anticipation of certain discontinued announcements, and changes to the Medicare levy low-income threshold for families. [LTN 107,…
The Tax Laws Amendment (2014 Measures No 1) Bill 2014 on 30 May 2014 received Royal Assent as Act No 34 of 2014. It had passed all stages without amendment. The Bill amends the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. [LTN 104, 2/6/14]
In 4 matters before the Full Federal Court involving amended assessments being issued to taxpayers “out of time” on the basis of “fraud or evasion”, the Court has unanimously confirmed that in the same way the onus of proof is on a taxpayer to show that an assessment is excessive, the onus of proof is…
On Wed 7.12.2016, the Commissioner issued the following Class Rulings: CR 2016/91: FBT: employers using the Fleetsu Vehicle Log Book System for car log book and odometer records. It applies to employers who use the Fleetsu “vehicle log book system”. It applies from 1 July 2016 to 30 June 2021. CR 2016/92: Leave – Deferred Salary Scheme for employees…
On Wed 7 Dec 2016, the Commissioner issued 2 draft determinations concluding that first: a ‘partnership’ with a corporate partner and second, a trust with a corporate beneficiary, can have a ‘participation interest’. Draft Taxation Determination TD 2016/D6 asks: ‘where an Australian corporate tax entity is a partner in a partnership, can the partnership ‘hold’ a…
On 7 Dec 2016, the ATO issued Draft Law Companion Guideline LCG 2016/D10 headed: Superannuation Reform: defined benefit income streams – non-commutable, lifetime pensions and lifetime annuities’ ). This relates to $1.6m ‘transfer balance account cap’ introduced by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 (which received Royal Assent on 29 November 2016). This Act introduced a system…
The Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 was introduced into the House of Reps on Thur 29.5.2014. The Bill proposes to amend Sch 1 to the TAA to require Australian financial institutions to collect information about their customers that are likely to be taxpayers in the US and to provide that information…
The Office of Best Practice Regulation has released a Regulation Impact Statement, certified by Treasury, on the implementation of the US Foreign Account Tax Compliance Act (FATCA) in Australia. The agreement has been assessed as likely to have a major impact on the Australian financial sector with flow-on effects to the broader economy. A Regulation…
The Senate Economics Legislation Committee has released a transcript from a public hearing held in Canberra on 22 May 2014 as part of its inquiry into the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014. The Committee heard from a range of industry representatives, including Treasury, ASIC, Industry Super Australia, Financial Services Council, CHOICE, Financial…