GST – Bill to tax digital imports (e.g. ‘Netflix’) and cross-border changes – Senate Committee’s report

report The Senate – Economics Legislation Committee – Report on Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016 [Provisions]  Introduction and background to the bill  Referral and conduct of the inquiry  1.1 On 25 February 2016, the Senate referred the provisions of the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016…

GST – taxing digital imports (Netflix tax) & cross-border amendments – Committee reports in favour of passing the Bill

The Senate Economics Legislation Committee on Thur 10.3.2016, released its report into the Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 and recommended the Bill be passed. The Bill had been passed by the House of Reps without amendment. The Bill proposes to: extend GST to digital products and other services imported by consumers. GST will…

CR 2016/12 & 13 – No car parking fringe benefit; in-specie distribution on demerging is not a ‘dividend’ (and ‘anti-streaming’ rules will not apply)

Two Class Rulings were issued on Wed 9.3.2016: CR 2016/12 (FBT: employers who are clients of United Airport Parking Pty Ltd and who enter into the Corporate Car Parking Agreement). The Class Ruling provides that a car benefit does not arise for FBT purposes while an employer’s car is parked at the United Airport Parking’s lock up car parking…

The objective ‘superannuation’ is to be enshrined in law – discussion paper released (creating a ‘savings pool’ already been achieved)

In October 2015, the Government announced that it would develop legislation to enshrine the objective of superannuation, as part of its response to the Financial System Inquiry (FSI). The Government has accepted the recommendation of the FSI that the objective of the superannuation system is to provide income in retirement to substitute or supplement the…

Austrac proposes to increase the threshold value of shares sold for charitable purposes from $500 to $10,000 – but wishes to consult about the AML/CTF risks

AUSTRAC has released for comment draft amendments to Chapter 38 of the ‘Anti-Money Laundering and Counter Terrorism Funding (AML/CTF) Rules regarding ‘Sale of shares for charitable purposes’. Austrac proposes amendments to Chapter 38 of these rules to increase the threshold for the disposal of parcels of shares to charities from $500 to $10,000. They consider that this higher…