The Commissioner has made a PAYG withholding schedule under s 15-25 of Sch 1 to the TAA – Schedule 30 – Tax table for back payments, commissions, bonuses and similar payments (NAT 3348), registered today [Mon 15.4.2013]. It contains a tax table to help employers and other payers work out the amount required to be withheld from…
The Fringe Benefits Tax Amendment Regulation 2013 (No 1) was registered on the Federal Register of Legislative Instruments on Thur 11.4.2013. The purpose of this amending Regulation is to exclude living-away-from-home (LAFH) allowances and benefits, including certain expense payment benefits and residual benefits, from being reportable fringe benefits for Commonwealth employees posted both overseas and…
The Government on Fri 12.4.2013, released for comment draft legislation for the new quarterly credits payment option for the R&D Tax Incentive refundable tax offset. The new feature of the R&D Tax Incentive would allow eligible small and medium companies to access their R&D refund on a quarterly instalment basis. Quarterly credits will mean that,…
The Attorney-General’s (Spent and Redundant Instruments) Repeal Regulation 2013 was registered on the Federal Register of Legislative Instruments on Mon 8.4.2013. The repeal instrument follows on from amendments made by the Legislative Instruments Amendment (Sunsetting Measures) Act 2012 (which received Royal Assent on 22 September 2012). The Regulation repeals 1,005 spent and redundant instruments (including income tax…
The Government Thur 4.4.2013, released exposure draft legislation and explanatory materials which propose to implement the third and final element of the Investment Manager Regime (IMR). The Government said the purpose of Element 3 of the Regime is to provide tax certainty to widely held foreign managed funds investing in Australia. It will do this…
M o r g a n’ s T a x M o n t h – April 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in April 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…