The Business Tax Working Group on Mon 13.8.2012, released a discussion paper that canvassed a number of possible ways in which a cut to the company tax rate could be funded from within the business tax system. The 71-page paper noted the options canvassed are not recommendations, and to date, the Working Group has not…
The Government on Fri 3.8.2012 released for comment a Treasury consultation paper on the design of the R&D Tax Incentive quarterly credits proposal, which is aimed at providing more timely access for small and medium sized companies to the tax incentive. Under the proposal, quarterly credits will be available to small and medium sized companies…
The Tax Laws Amendment (Investment Manager Regime) Bill 2012 has now passed all stages without amendment and effectively awaits Royal Assent after having been passed by the Senate on Thur 23.8.2012. The Bill contains the first 2 elements of the Government’s Investment Manager Regime. The Bill amends the ITAA 1997 by inserting new Subdiv 842-I…
The Australian Charities and Not-for-profits Commission Bill 2012, Australian Charities and Not-for-profits Commission (Consequential and Transitional) Bill 2012 and the Tax Laws Amendment (Special Conditions for Not-for-profit Concessions) Bill 2012 were all introduced in the House of Reps on Thur 23.8.2012. The Australian Charities and Not-for-profits Commission Bill 2012 will establish a new independent statutory…
The Government on Thur 23.8.2012, released for consultation draft legislation and explanatory material to introduce company loss carry-back into the business tax system. The draft legislation has been prepared following consultation on the discussion paper, Improving access to company losses, which closed on 6 August 2012. As part of loss carry-back, the proposal is that,…
The Veterans’ Affairs Legislation Amendment Bill 2012 was passed this on Wed 22.8.2012, by the House of Reps without amendment and now moves to the Senate. Among other things, the Bill proposes to amend the ITAA 1997 to exempt from income tax, reimbursements made under the Repatriation Pharmaceutical Benefits Scheme and the Military Rehabilitation and…
The Tax Laws Amendment (2012 Measures No 4) Bill 2012 was passed by the House of Reps late on Tue 21.8.2012, with 1 Government amendment that deleted the existing Sch 1 to the Bill and replaced it with a new Sch 1 concerning changes to the tax treatment of LAFHAs. The other amendments contained in…
The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 has now passed all stages without amendment, having been passed by the Senate late on Mon 20.8.2012 and now awaits Royal Assent. The Bill proposes to make retrospective amendments with effect from 1 July 2004 to confirm that transfer pricing rules contained in Australia’s…
The Assistant Treasurer on Thur 16.8.2012, released draft legislation on the Government’s proposal to provide managed investment trusts (MITs) that only hold newly constructed energy efficient commercial buildings with a concessional withholding tax rate of 10%. Mr Bradbury indicated that the concession will be available in relation to office buildings that have obtained a 5-Star…
The Parliamentary Secretary to the Treasurer, Tue 14.8.2012 released the 3rd tranche of the proposed personal liability for directors draft legislation and explanatory memorandum for public consultation. Broadly, the draft legislation considers amendments to Commonwealth tax legislation concerning personal criminal liability for corporate default including s 444-15 of the TAA, para 252(1)(j) of the ITAA…