The Assistant Treasurer on Wed 15.2.2012, released draft legislation and an EM for public consultation on the proposal to amend the tax law to allow the Commissioner of Taxation to hold refunds for verification prior to payment. Mr Arbib said the draft legislation was a result of the Full Federal Court’s decision in FCT v…
The Corporations Amendment (Phoenixing and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 15.2.2012. It proposes to amend the Corporations Act 2001 to: introduce an administrative process for compulsory external administration to facilitate payment of employee entitlements where a company has been abandoned. The Bill provide ASIC with a discretionary…
The 3 Bills that propose to means test the 30% private health insurance rebate were passed by the House of Reps on Wed 15.2.2012, with 4 Government amendments by 71 votes to 70. They now move to the Senate. The Bills are the Fairer Private Health Insurance Incentives Bill 2011, Fairer Private Health Insurance Incentives…
The House of Reps on Tue 14.2.2012, passed the Tax Laws Amendment (2011 Measures No 9) Bill 2011 without amendment and it now moves to the Senate. The Bill contains amendments concerning: CGT rollovers and business restructures; GST (financial supply provisions; new residential premises); consolidating super; DGRs; and miscellaneous amendments (eg deceased estates and CGT…
The mining tax and related Bills were introduced in the Senate on Tues 7.2.2012, and debate on them adjourned. The Bills are: Minerals Resource Rent Tax Bill 2011; Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011; Minerals Resource Rent Tax (Imposition – General) Bill 2011; Minerals Resource Rent Tax (Imposition – Customs)…
M o r g a n’ s T a x M o n t h – February 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in February 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…