Category Archives: Tax Month – February 2013

“Financial adviser” / “financial planner” legislative changes to be introduced before 1 July – Accountants’ limited licence and tightening eligibility [91]

The Parliamentary Secretary to the Treasurer, Bernie Ripoll, has advised that the Government intends to introduce legislation into Parliament before 1 July this year concerning the definition of financial planner. On 28 November 2012, the Minister for Financial Services released draft regulations that would replace the accountants’ exemption with a new form of limited licence. This would enable accountants…

Senate agrees to motions requiring release of information about mining tax collections [73]

The Senate on Wed 6.2.2013, agreed to 2 motions concerning the release of revenue details concerning the mining tax: The Senate agreed to a motion by Senator Cormann “That there be laid on the table by the Minister representing the Treasurer, by no later than noon on 7 February 2013, a copy of any advice concerning the…

*Mining tax generates $126m in its first 2 quarters [74]

Following receipt of advice from the Tax Office, the Treasurer Fri 8.2.2013, announced that combined revenue from the first 2 quarters of the MRRT for the 2012-13 financial year totalled id=”mce_marker”26m. [LTN 26, 8/2/13]

*MRRT Amendment Bill introduced by Greens [75]

The Minerals Resource Rent Tax Amendment (Protecting Revenue) Bill 2013 was introduced into the House of Reps, on Mon 11.2.2013. Introduced by the Australian Greens, the purpose of the Bill is to protect the revenue generated from the Minerals Resource Rent Tax (MRRT) from being eroded by state governments increasing royalties. The Bill proposes to…

MRRT legislative determination: nil rate and exemption from lodging [76]

The ATO has released Legislative Determination MRRT 2013/1 (Nil rate determination and exemption from lodging Minerals Resource Rent Tax (MRRT) instalment Liability Notices – Instrument (No 1) 2013). The ATO says the purpose of the instrument is to determine a nil instalment rate for explorers, pre production taxpayers and simplified MRRT method taxpayers under s 115-45(3)…

Senate committee to review development and operation of mining tax [77]

The Senate on Tue 26.2.2013, agreed to a motion put by Greens Leader Senator Milne that a number of matters concerning the Minerals Resource Rent Tax (MRRT) be referred to the Senate References Committee on Economics for report by 6 May 2013. Those matters included the operation of the mining tax re the revenue shortfall that has…

ACNC Advisory Board appointments [78]

The Government on Tue 19.2.2012, announced appointments to the Australian Charities and Not-for-profits Commission (ACNC) Advisory Board. The Assistant Treasurer said Mr Robert Fitzgerald AM would be Part-time Chair, with Ms Fiona McLeay as Part-time Deputy Chair. Other members appointed to the Board include: Ms Gina Anderson; Mr Paul O’Callaghan; Professor Myles McGregor-Lowndes OAM; Ms…

Charities registered by ASIC – help from the ACNC [79]

The commencement of the Australian Charities and Not-for-profits Commission (ACNC) now means that some of the most common dealings and obligations for charities currently registered with ASIC will be now be with the ACNC. Chartered Secretaries Australia (CSA) has reminded public companies limited by guarantee, proprietary companies limited by shares, registered Australian bodies, or foreign…

IGT review of self-assessment system: report released [80]

Assistant Treasurer David Bradbury on Wed 13.2.2013, released the Inspector-General of Taxation’s Review into improving the self-assessment system, together with the responses by the Government and the ATO. The Inspector-General made 33 recommendations to the ATO and the Government on ways to improve taxpayer certainty, reduce compliance costs and rebalance taxpayer protections. [The Inspector-General had given…

Tax agent services by financial planners: draft legislation and outline paper released [81]

On 29 November 2010, an options paper, Regulation of tax agent services provided by financial planners, was released for public consultation. Following an ongoing consultation process and the announcement of these changes in the 2012-13 Mid-year Economic and Fiscal Outlook (MYEFO), the Government on Fri 8.2.2013, released draft legislation to implement this new regulatory regime. It will…