The AASB has approved Australian Accounting Standard AASB 2012-9 to withdraw Australian Interpretation 1039 Substantive Enactment of Major Tax Bills in Australia for annual reporting periods beginning on or after 1 January 2013, with early application permitted. The AASB has also issued an Agenda Decision addressing the issue of when it would be appropriate to conclude that…
The Government has released an exposure draft of the primary amendments to be included in an Insolvency Law Reform Bill in 2013. The draft Bill implements reforms previously released in the proposals paper, A modernisation and harmonisation of the regulatory framework applying to insolvency practitioners in Australia. The draft Insolvency Law Reform Bill 2013 would…
The just-released OECD latest Economic Survey of Australia says it recognises the strong performance of the Australian economy and its resilience to the global economic crisis, but it noted that “activity has moderated” with GDP expected to grow by about 3% annually over the 2013-14 period. The OECD says Australia needs to maintain flexible markets,…
Reuters (London) has reported that coffee chain Starbucks said it could voluntarily pay about £20m in corporation tax in Britain over the next 2 years. “We are making a commitment that we will propose to pay a significant amount of corporation tax during 2013 and 2014 regardless of whether our company is profitable during these…
At its meeting on Tue 4.12.2012, the Reserve Bank Board decided to lower the official cash rate by 25 basis points from 3.25% to 3%. Reserve Bank Governor Glenn Stevens said the Board judged that a further easing in the stance of monetary policy was appropriate to foster sustainable growth in demand. The Board last…
The WA State Administrative Tribunal has affirmed the Commissioner’s decision to refuse a land tax exemption claimed by the taxpayers for the 2010-11 financial year, as it found the land was not being used by the owner of the land for a rural business, as required under s 29(3) of the Land Tax Assessment Act 2002…
The State Taxation and Other Acts Amendment Bill 2012 (Vic) on Tues 4.12.2012, received Royal Assent as Act No 76 of 2012. Among other things, it amends the Land Tax Act 2005 (Vic) to ensure that the principal place of residence exemption operates as intended and to restrict the amount of unpaid land tax the…
The Statutes Amendment and Repeal (Budget 2012) (No 2) Bill2012 (SA) and the Payroll Tax(Miscellaneous) Amendment Bill 2012 (SA) have received Royal Assent on Thur 6.12.2012. The Budget Bill introduces a stamp duty concession for purchases of off-the-plan apartments as announced in the 2012-13 SA Budget. It also removes the current payroll tax exemption for…
The Northern Territory Treasurer on Tue 4.12.2012, handed down the NT Mini-Budget 2012-13, which announced an increase to the First Home Owner Grant and the Principal Place of Residence Rebate and cessation of the stamp duty First Home Owner Concession. The changes are proposed to commence from Tue 4.12.2012. The Territory Revenue Office (TRO) has…
The Governor of NSW has, under the Mining Act 1992 (NSW), made the Mining Amendment (Coal Royalty) Regulation 2012. Under the Mining Act 1992, royalty is payable by holders of mining leases at a base rate prescribed by the regulations on the value of coal recovered under the leases. The amending Coal Royalty Regulation 2012…