The Tax and Superannuation Laws Amendment (2014 Measures No 3) Bill 2014 was introduced into the House of Reps on Thur 29.5.2014. It proposes to amend the capital allowances provisions in the ITAA 1997 [by amending s40-80(1) and adding s40-80(1AA)-(1AC)] to limit immediate deductibility of expenditure on mining rights and mining information [and varying the…
The Tax and Superannuation Laws Amendment (2014 Measures No 2) Bill 2014 was introduced into the House of Reps on Thur 29.5.2014. It contains the following amendments: Dividend washing – the Bill will amend the ITAA 1997 to introduce an integrity rule [new s207-157 of the ITAA 1997] to limit the ability of taxpayers to…
The Tax Laws Amendment (2014 Measures No 1) Bill 2014 has passed the House of Reps without amendment and now moves to the Senate. The Bill proposes to: amend the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. [This involves introducing a new Division 142 into the…
Following the 2014 Federal Budget handed down on Tue 13.5.2014, the Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014 along with 14 additional supporting Bills were introduced into the House of Representatives. The Bills propose to amend the ITAA 1997, the Income Tax Rates Act 1986, the Income Tax (Transitional Provisions) Act 1997 and…
The Government announced that it will provide funding over 4 years from 2014-15 to transfer the function for taxation complaints case handling from the Office of the Commonwealth Ombudsman to the Inspector-General of Taxation. The Government considers this will enhance the systematic review role of the Inspector-General of Taxation and provide taxpayers with more specialised…
The Government has announced that employers can receive up to $10,000 in Government assistance if they hire a job-seeker aged 50 or older under its new “Restart” program. The program will replace the Seniors Employment Incentive Payment. Under the program, eligible employers will receive $3,000 if they hire a full-time mature-age job seeker who was…
The Government will index pension and equivalent payments and Parenting Payment Single by the Consumer Price Index (CPI). Savings of $449m over 5 years are expected. This measure will commence on 1 July 2014 for Parenting Payment Single recipients and from 1 September 2017 for Bereavement Allowance and pension payments such as: Age Pension; Disability Support Pension; Carer Payment…
The Budget confirmed the Treasurer’s earlier announcement that the Government would raise the eligibility age for the Age Pension to 70 by 2035. The Government announced that, from 1 July 2025, the Age Pension qualifying age will continue to rise by 6 months every 2 years, from the qualifying age of 67 years that will apply by…
Instead of pausing the superannuation guarantee rate at 9.25%, as previously announced, the Government will now increase the SG rate to 9.5% on 1 July 2014 (as currently legislated) and leave it at this level until 30 June 2018. The SG charge percentage will then increase by 0.5% each year until it reaches 12% from 2022-23, a year later…
The Government will allow individuals the option of withdrawing superannuation contributions in excess of the non-concessional contributions cap made from 1 July 2013 and any associated earnings, with these earnings to instead be taxed at the individual’s marginal tax rate. The measure will seek to provide a process to addresses all inadvertent breaches of the superannuation contribution…