Financial Planning Association (FPA) welcomes FoFA changes but says they could be improved [67]

The Financial Planning Association (FPA) has released its submission to Treasury on the Government’s proposed changes to the Future of Financial Advice (FoFA) regime. Although the FPA was broadly supportive of the proposed changes, it identified some areas for improvement. FPA General Manager of Policy and Conduct, Danti De Gori, said the “overall aim of…

Financial Planning Association says proposed FoFA changes to safe harbor requirements for duty to act in best interests of investors can be trimmed without harm [66]

Rhetoric and unnecessary scare mongering are clouding the facts about proposed amendments to the best interest duty component of the Future of Financial Advice (FoFA) legislation, says the Financial Planning Association of Australia (FPA). FPA CEO Mark Rantall said Australian consumers have nothing to fear from proposed changes to remove sub-s 961(B)(2)(g) of the Corporations…

The Reserve Bank Board decided to leave the cash rate unchanged at 2.5% [64]

At its meeting on Tue 4.2.2014, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. Bank Governor Glenn Stevens said the Board judged that the setting of monetary policy remained accommodative. In the Board’s judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with…

NSW land tax: Frank Zakis Pty Ltd atf Frank Zakis Family Trust v Chief Comr for State Revenue – trustee was “owner” on taxing date [63]

The NSW Civil and Administrative Tribunal has affirmed a land tax reassessment that had been issued to a taxpayer for the 2013 land tax year. The matter concerned a second reassessment of land tax for the 2013 land tax year, which had been issued to the taxpayer (a trustee of a family trust and conceded…

NSW land tax: Haddad v Chief Comr of State Revenue – principal place of residence exemption – taxpayer loses appeal [62]

The NSW Court of Appeal has affirmed the Commissioner’s decision denying a taxpayer the principal place of residence (PPR) land tax exemption for the 2004 to 2009 land tax years (inclusive). The taxpayer became the owner of the subject property in 2002. Located on the property was a 3-bedroom house and a free-standing corrugated iron…

NSW stamp duty: Bondi Beachside Pty Ltd & Ors v Chief Comr of State Revenue – taxpayers win appeal against additional mortgage duty assessment [61]

Three taxpayers have been successful before NSW Court of Appeal in a matter concerning additional mortgage duty. In an earlier decision, the NSW Supreme Court had in part upheld a decision of the Commissioner that additional mortgage duty was payable by the taxpayers on a deed of variation under which the time for payment by…

Vic: State Taxation Legislation Amendment Bill introduced: congestion levy, gaming arrangements, changes to Fire Services Levy [60]

The State Taxation Legislation Amendment Bill 2014 (Vic) was introduced into the Victorian Legislative Assembly on 4 February 2014. It proposes to implement a number of measures announced in the Victorian State Budget Update for 2013-14 (handed down in December 2013), including measures in relation to the congestion levy and gaming arrangements. Among other things, the Bill also proposes…

Tax practitioner PI insurance will be their focus this year: Tax Practitioners Board Chair [59]

Tax Practitioners Board (TPB) Chair, Ian Taylor, says a key focus this year for the Board is ensuring that all registered agents are meeting their professional indemnity (PI) insurance obligations. This includes the requirement for registered agents to provide the Board with policy details that are up-to-date. The TPB Chair is also encouraging registered agents…