Debate in the Senate on the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No 2] resumed on Mon 14.7.2014] but was not concluded and resumed on Tue 15.7.2014. The Government proposes to move an amendment to the Bill that would alter the proposed amended schedule or timetable for increasing the superannuation guarantee…
Minister for Trade Andrew Robb has announced that the Korea-Australia Free Trade Agreement (KAFTA) was signed in Seoul on Tue 8.4.2014. Mr Robb expects the Agreement to be in force by the end of this year. On entry into force of the Agreement, 84% of Australia’s exports (by value) to Korea will enter duty free,…
The Treasurer has announced that Australia and the United States on Mon 28.4.2014 signed an intergovernmental agreement (IGA) to reduce the burden on Australian financial institutions in complying with the United States’ Foreign Account Tax Compliance Act (FATCA). FATCA is a US information-reporting regime that will commence on 1 July 2014 and will affect a large part…
On 24 March 2014, interested parties were invited to comment on the OECD discussion draft on Tax Challenges of the Digital Economy related to Action 1 of the BEPS Action Plan. Many comments were received and they have now been published by the OECD. They will be discussed by delegates to the Task Force on the Digital…
Minister for Trade Andrew Robb has announced that Australia has concluded negotiations on an historic Economic Partnership Agreement with Japan. The Minister said Australia has broken new ground as the first major agricultural exporting economy to conclude such a liberalising agreement with Japan. Key features on the Agreement include: a halving of the Japanese tariff on frozen beef…
The European Parliament has adopted in plenary session the amended Directive on Statutory Audit and the Regulation on specific requirements regarding the statutory audit of public-interest entities (PIEs). The new framework will cover all statutory audits required by EU law. Key measures in the proposed new legal framework for statutory audit include: Public-interest entities will…
The Association of Chartered Certified Accountants (ACCA) says an academic report it commissioned from RMIT University School of Economics, Finance and Marketing provides extensive evidence that the corporate income tax system is not “broken” and that it is not being eroded. The report Multinational corporations, stateless income and tax havens asserts that there is no…
In an address to the Sydney Institute on Wed 2.4.2014, Secretary to the Treasury Dr Martin Parkinson spoke about Australia’s current fiscal position and what might be done to address it. He noted that Australia has relatively high reliance on direct taxes as a proportion of revenue raised when compared to other OECD countries. Dr…
At its meeting on Tue 1.4.2014, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. In the Board’s judgment, monetary policy is “appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target”. On present indications, the most prudent course is likely to be a period of…
Three related taxpayers have been unsuccessful before the NSW Civil and Administrative Tribunal in seeking the primary production land tax exemption in relation to 27 properties pursuant to s 10AA of the Land Tax Management Act1956 (NSW). The taxpayers sought the land tax exemption for the properties for the 2006 to 2010 land tax years (for…