The Pay-roll Tax Rebate Bill 2012 (WA) and the Pay-roll Tax (Indigenous Wages) Rebate Bill 2012 (WA) have passed all stages without amendment and await Assent. The Bills generally implement the 2012-13 WA Budget announcement to provide for a one-off pay-roll tax rebate for eligible small businesses and a rebate for wages paid in relation…
The Fire Services Property Levy Bill 2012 (Vic) was introduced into the Victorian Legislative Assembly on 28 August 2012. It proposes to implement the Victorian Government’s announcement to impose a fire services property levy on all land in Victoria unless specifically exempted. The new property-based levy is proposed to commence on 1 July 2013 [see…
The Statutes Amendment and Repeal (Budget 2012) Bill 2012 (SA) is currently awaiting Assent. It implements a number of the SA Budget 2012-13 announcements, including a stamp duty concession for off-the-plan apartments from 31 May 2012 to 30 June 2012. RevenueSA has released information on the concession including an application form. [LTN 164, 24/8]
The Taxation Administration Amendment Bill 2012 (ACT) was introduced into the ACT Legislative Assembly on 14 August 2012. The Bill proposes to amend Taxation Administration Act 1999 (ACT) to address an unintended consequence of a recent amendment to the Taxation Administration Act 1953 (Cth), which prevents the Australian Tax Office from providing taxpayer information to…
The Tax Practitioners Board (TPB) has announced that the Federal Court has ordered an unregistered NSW tax agent to pay a $64,000 penalty for breaches of the Tax Agent Services Act 2009. The Board reported that the Court found the man had been preparing income tax returns and requests for amendments to prior year returns…
The Inspector-General of Taxation is calling for submissions to establish his new Work Program for 2012-13 and beyond. Mr Noroozi said his office is allowed “unrestricted access to the ATO’s internal system, records and personnel” for the purpose of reviews. Each review is subject to resourcing priorities and the potential for ministerial direction to review…
The Minister for Climate Change: Greg Combet and the European Commissioner for Climate Action, Ms Connie Hedegaard, announced on Tue 28.8.2012, that Australia and Europe would be linking their emissions trading systems. A full 2-way link, by means of the mutual recognition of carbon units between the 2 cap and trade systems, is to commence…
The Financial Services Council (FSC) has released for member comment a draft superannuation governance standard. The draft standard proposes to broadly implement governance standards for superannuation trustees in accordance with the FSC’s Superannuation Governance Policy as announced by the FSC on 6 March 2012. The standard is proposed to apply to FSC members who are…
The Minister for Superannuation on Wed 22.8.2012, announced that the Government is proposing an evidence based and expert led process for selecting and assessing default superannuation funds in modern awards which he said “will ultimately lead to more transparency and competition”. Mr Shorten said a submission by Treasury and the Department of Education, Employment and…
In response to calls from the Financial Services Council (FSC) for the Government to lift the age at which people can take their super from 60 to 62, the Treasurer says “the Government is not contemplating that at all”. [FSC CEO John Brogden recently released research that showed increasing the preservation age to 62, based…