The State Revenue Legislation Amendment Bill 2012 (NSW) has passed all stages without amendment and awaits Assent. It contains a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include: establishing a new exemption for corporate reconstruction and corporate consolidation transactions. The amendments replace the existing exemptions for “top hatting”…
The following Bills were introduced into the ACT Legislative Assembly on 29 March 2012: Duties Amendment Bill 2012 (ACT) – amends the Duties Act 1999 (ACT) to clarify the treatment of “land rent leases”. Date of effect: The amendments are proposed to commence from the day after the Bill’s notification. Duties Amendment Bill 2012 (No…
The Financial Planning Association (FPA) has announced that it has been recognised as a tax agent association by the Tax Practitioners Board (TPB). This means membership of the FPA will fulfil requirements for registration of members if they meet the relevant fit and proper person, as well as experience requirements. Separately, the FPA also confirmed…
The Assistant Treasurer Tue 24.4.2012 released the Inspector-General of Taxation’s Review into the ATO’s compliance approaches to SMEs with annual turnovers between $100m and $250m, and high wealth individuals. The Inspector-General conducted this review in response to concerns raised by taxpayers, tax practitioners and their representative bodies following the ATO’s increased compliance focus on SMEs…
The ATO on Thur 26.4.2012, released early guidance to provide taxpayers with practical information regarding how it expects aspects of the MRRT instalment system will be administered for the transitional period. It says the transitional period commences on 1 July 2012 and ends when the Commissioner gives the taxpayer an instalment rate following the lodgment…
It is understood that Fortescue Metals Group Ltd will seek leave to appeal to the High Court against the constitutional validity of the Minerals Resource Rent Tax (the mining tax). Fortescue Chief Executive Officer Nev Power said the company expects to launch the challenge within the next few weeks. The company believes the tax is…
According to a legal opinion by Bryan Pape, commissioned by the Institute of Public Affairs, the carbon tax is unconstitutional and could be challenged on a number of grounds, including: The Commonwealth cannot tax state property (legally carbon dioxide emissions are state property). The Commonwealth cannot impose a carbon tax and other related penalties within…
APRA has released 11 draft prudential standards together with a Response Paperon submissions received in respect of the implementation of its proposed powers to issue prudential standards for superannuation. APRA’s Response Paper sets out the main issues raised in the 41 submissions received in relation to its September 2011 discussion paper, which outlined APRA’s approach…
The Government announced on Tue 24.4.2012, that it will amend the income tax law to provide optional loss relief and CGT roll-over for mergers of complying superannuation funds to support the implementation of its MySuper reforms. The Minister for Financial Services and Superannuation said the proposed loss relief will remove a barrier that would have…
The AAT has upheld the Commissioner’s decision to include a superannuation benefit in a taxpayer’s assessable income as it was withdrawn in breach of the SIS Act. The taxpayer (age 32) was experiencing financial problems and had been told by “friends” that he could apply to have his superannuation benefits paid to him as long…