Treasury has advised that it received 21 submissions in response to the draft guidelines that were released to provide a new regulatory framework for public ancillary funds. There were 20 public submissions and 1 confidential submission. Treasury received submissions from Australia Council for the Arts, Australian Community Philanthropy, Blake Dawson, and other important stakeholders. [LTN…
The Government announced in the 2011-12 Budget that it would disallow deductions against government assistance payments following the High Court decision in FCT v Anstis [2010] HCA 40. Treasury on Fri 20.1.2012, released draft amendments seeking to amend the ITAA 1997 to disallow deductions against taxable government assistance payments that are eligible for a rebatable…
Treasury has advised that Australia has signed new Tax Information Exchange Agreements with: Bahrain – signed on 15 December 2011. Andorra – signed on 24 September 2011. Liberia – signed on 11 August 2011. The Agreements provide for the exchange of information on request in both criminal and civil tax matters. They will enter into…
The Government has announced that Australia and India have signed a Protocol amending the double taxation agreement between the 2 countries. The amending protocol was signed on 16 December 2011 and updates various aspects of the agreement including cross-border services, source country taxation, and assistance in collection of taxes. The amending protocol will enter into…
M o r g a n’ s T a x M o n t h – January 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in January 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…