On 2 Feb 2022, the Financial Review posted an article by its Michael Read, titled ‘‘Inequitable’ and ‘unsustainable’: Call to cap super balances at $5m‘. This reported on a proposal by AIST, to cap superannuation balances at $5m (so balances can’t grow beyond this figure). The article is reproduced below. One of the…
RevenueSA has issued Revenue Ruling LT003 (Land tax relief upon moving into residential care on an ongoing basis). The SA Minister for Finance has approved, on a case-by-case basis, the provision of ex gratia relief from land tax for land for the first financial year where the owner of the land has moved on an…
The Victorian State Revenue Office (SRO) has issued for comment Draft Revenue Ruling LTA 001v2 (Principal Place of Residence Exemption – Substantial Business Activity). The Draft Ruling explains the factors in s 62(2) of the Land Tax Act 2005 (Vic) which the Commissioner must take into account when determining whether the PPR land is also used…
The WA Office of State Revenue (OSR) has issued Commissioner’s Practice TAA 20.2 (Remission of penalty tax – for late payment) outlining the circumstances in which penalty tax for late payment of duty or tax will be remitted. The Commissioner’s Practice replaces the previous version (TAA 20.1) and took effect on 14 December 2012. [LTN 12,18/1/13]
The Prime Minister on Wed 30.1.2013, announced that the Federal Election will be held on Saturday, 14 September 2013. In her address to the National Press Club, the PM said that “announcing the election date now enables individuals and business, investors and consumers, to plan their year”. The PM said that later this year, she will advise…
The Accounting Professional & Ethical Standards Board (APESB) has advised that it will delay the commencement date of APES 230 Financial Planning Services from 1 July 2013 to 1 July 2014 to allow stakeholders additional time to implement APES 230 once it is issued. The proposed new standard will apply to all members of Australia’s…
Reuters reports that growing anger at aggressive tax avoidance by big business has prompted ethical investors to consider shunning shares in companies that don’t pay their fair share of tax. As governments struggle to balance massive budget deficits caused by the financial crisis, reports that a number of big companies pay minimal taxes in some…
The Minister for Home Affairs has gazetted a notice specifying that the Malaysia-Australia Free Trade Agreement entered into force for Australia on 1 January 2013. Bills introducing new rules of origin for goods that are imported into Australia from Malaysia to give effect to the Agreement – the Customs Amendment (Malaysia-Australia Free Trade Agreement Implementation and Other…
The AASB on Tue 22.1.2013, registered 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. According to the Board, Australian Interpretation 1039 is withdrawn on the basis that an Australian Interpretation is not necessary.…
The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the December quarter 2012 increased 0.2 from the September 2012 quarter to 102.0. Inflation for the year to 31 December 2012 was running at 2.2%. The most significant price rises for the quarter were for domestic holiday travel…