ASIC [on Tue 31.3.2015] launched the first stage of the new Financial Advisers Register, which is now available on ASIC’s MoneySmart website. ASIC has also updated information for investors about choosing a financial adviser including what questions to ask on its MoneySmart website. The register contains details of persons employed or authorised – directly or…
Treasury [on Thur 5.3.2015] released its 2015 Intergenerational Report (IGR) – Australia in 2055 highlighting the fiscal challenges over the next 40 years from an ageing population. In responding to the report, Treasurer Hockey said that the Government will continue to focus on the key drivers of economic growth – participation and productivity. The report…
A taxpayer has been unsuccessful before the Appeal Panel of the NSW Civil and Administrative Tribunal in seeking the principal place of residence (PPR) land tax exemption in respect of a property for the 2013 land tax year. The Commissioner had issued the taxpayer a land tax assessment on the basis that he was entitled…
In a decision handed down [on Tue 17.3.2015], the NSW Civil and Administrative Tribunal held the land tax exemption sought by 2 taxpayers for a child care facility under s 10(1)(u) of the Land Tax Management Act 1956 (NSW) did not apply in respect of the property for the 2014 land tax year. The taxpayers purchased…
The Taxation Legislation Amendment Bill 2015 (WA) was introduced in the WA Legislative Assembly on Thur 26.3.2015. The Bill primarily seeks to amend the Pay-roll Tax Assessment Act 2002 (WA) to introduce a gradual diminishing tax-free threshold from 1 July 2015. Under the proposed arrangement, the benefit of the tax-free threshold will gradually phase out for employers…
The Taxation Legislation Amendment Bill 2014 (WA) on 9 March 2015 received Royal Assent as the Tax Legislation Amendment Act (No 2) 2015, Act No 8 of 2015. The Bill had passed all stages with amendments made in the WA Legislative Council. It amends the Duties Act 2008 (WA), Land Tax Assessment Act 2002 (WA), Pay-roll Tax…
The Back to Work Bill 2014 (Vic) has passed all stages of the Victorian Parliament with amendments made in the Legislative Assembly and Legislative Council and awaits Assent. The Bill establishes a Back to Work Scheme for the purpose of providing relief to employers in respect of the costs associated with hiring certain unemployed or…
The Stamp Duties (Off-The-Plan Apartments) Amendment Bill 2014 (SA) has passed all stages of the SA Parliament without amendment and awaits Assent. It amends the Stamp Duties Act 1923 (SA) to extend the stamp duty concession for apartments bought off-the-plan to include a defined inner metropolitan area. The extended off-the-plan stamp duty concession applies to…
The Payroll Tax Rebate, Revenue and Other Legislation Amendment Bill 2015 (Qld) was introduced in the Qld Legislative Assembly on 27 March 2015. The Bill proposes to provide a payroll tax rebate for apprentice and trainee wages by making amendments to the Payroll Tax Act 1971 (Qld). The Bill also proposes amendments to the Duties Act 2001…
Following a tax agent’s deregistration for making false or misleading statements in breach of s 50-20 of the Tax Agent Services Act 2009 (the TASA), the Federal Court has now imposed a civil penalty of $3,000 for false certification of the returns and $2,000 for the false information contained within them, but reduced the penalty to…