*Tax and Superannuation Laws Amendment (2014 Measures No. 7) Bill 2014 – passed without amendment and awaits assent [2]

The Tax and Superannuation Laws Amendment (2014 Measures No 7) Bill 2014 and Excess Exploration Credit Tax Bill 2014 have now both passed all stages without amendment and await Royal Assent. The Measures No 7 Bill contains amendments re: Inspector-General of Taxation to hear tax complaints; CGT exemption for compensation and insurance; Super excess non-concessional contributions – option to…

*Tax and Superannuation Laws Amendment (2014 Measures No. 5) Bill 2014 – passed with Labor amendments – seafarer and R&D offsets preserved [1]

The Tax and Superannuation Laws Amendment (2014 Measures No 5) Bill 2014 was passed by the Senate [on Mon 2.3.2015] with 4 Opposition amendments and the House of Reps [on Tue 3.3.2015] agreed to those amendments. The Bill now effectively awaits Royal Assent. The amendments made by the Senate included: removing Sch 2 to the Bill, which had proposed abolition of the…

Register established for all ‘financial advisers’ – Corporations Regulations 2001 amended [59]

The Corporations Amendment (Register of Relevant Providers) Regulation 2015 was registered [on Mon 16.2.2015]. It makes a number of amendments to the Corporations Regulations 2001 to establish a register of all financial advisers. The purpose of the Regulation is to create a register of all natural persons who provide personal advice on more complex products…

Foreign investment in residential real estate – proposed ATO compliance / enforcement area [58]

Treasury [on Wed 25.2.2015] issued for comment an options paper on proposed reforms to strengthen Australia’s foreign investment framework, particularly around residential real estate and agriculture. The proposed reforms include: increasing compliance and enforcement activities around foreign investment in residential real estate through the creation of a specialised investigative and enforcement area within the Tax…

Foreign purchases of agricultural land – Government announces reduction in screening threshold from $252m to $15m & ATO to gather info for register [57]

To improve the scrutiny of foreign purchases of agricultural land, the Prime Minister has announced the Government will reduce the screening threshold from $252m to $15m from 1 March 2015. The new id=”mce_marker”5m screening threshold will apply to the cumulative value of agricultural land owned by the foreign investor, including the purposed purchase. The Government will also…