OECD releases Draft on transfer pricing documentation and country-by-country reporting [78]

Action 13 of the OECD’s BEPS Action Plan released on 19 July 2013 calls for a review of the existing transfer pricing documentation rules and the development of a template for country-by-country reporting of income, taxes and economic activity for tax administrations. An initial draft of revised guidance on transfer pricing documentation and country-by-country reporting was released…

Financial System Inquiry website launched [77]

Treasury on Thur 30.1.2014, launched the Financial System Inquiry website. The Inquiry is charged with examining how the financial system could be positioned to best meet Australia’s evolving needs and support Australia’s economic growth. The Treasurer had in December 2013 announced the final terms of reference of the Inquiry (see last month’s edition). Interested stakeholders can now…

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…