The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2014 (No 1) was registered on Fri 6.6.2014. It applies from 1 July 2014 and provides taxpayers in specific industries and for specific assets with effective lives as a basis to calculate the decline in value (depreciation) of an asset for income tax purposes. The authority for…
On 30 July 2013, Australia and Switzerland signed a revised tax treaty, to replace the existing tax treaty signed in 1980. The revised treaty aims to align the bilateral tax arrangements more closely with current Australian and international treaty policy settings. Treasury on Wed 4.6.2014, released exposure draft legislation, which proposes to give the revised treaty the…
The Tax Laws Amendment (2014 Measures No 1) Regulation 2014 was registered on Fri 13.6.2014. It amends the Income Tax Regulations 1936 to include service with the Australian Defence Force’s Operation Slipper in Afghanistan to be “eligible duty” and exempt from income tax. It also makes consequential amendments to the Income Tax Assessment Regulations 1997…
The Tax and Superannuation Laws Amendment (Green Army Programme) Regulation 2014 was registered on Fri 27.6.2014, to amend the Superannuation Guarantee (Administration) Regulations 1993 to ensure that the superannuation guarantee is not payable by Green Army service providers on allowance payments to Green Army Programme participants. The Regulation will also amend the Taxation Administration Regulations…
The Government re-introduced a series of Bills in the House of Reps on Mon 23.6.2014, to repeal the carbon tax and the mining tax and related measures. The Bills had previously been defeated in the Senate. The carbon tax repeal Bills are: Clean Energy Legislation (Carbon Tax Repeal) Bill 2013 [No 2]. Clean Energy (Income…
The package of 15 Bills, including the Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014, was passed by the Senate on Tue 16.6.2014, without amendment and effectively awaits Royal Assent. The package of Bills will amend the tax laws to introduce a 3-year progressive levy on high income earners. The Levy will apply at…
Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 – passed the House of Representatives on 5 June 2014. It supports implementation of the US FATCA Agreement. [LTN 107, 5/6/14] Passed the Senate and awaits Royal Assent Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 – has passed all stages without amendment,…
The Tax and Superannuation Laws Amendment (2014 Measures No 3) Bill 2014 has passed the House of Reps without amendment and now moves to the Senate. It proposes to amend the capital allowances provisions in the ITAA 1997 to limit immediate deductibility of expenditure on mining rights and mining information. DATE OF EFFECT: applies to…
The following Bills have passed the House of Reps without amendment and now move to the Senate: Tax and Superannuation Laws Amendment (2014 Measures No 2) Bill 2014 – contains amendments to prevent dividend washing, protect taxpayers re anticipation of certain discontinued announcements, and changes to the Medicare levy low-income threshold for families. [LTN 107,…
The Tax Laws Amendment (2014 Measures No 1) Bill 2014 on 30 May 2014 received Royal Assent as Act No 34 of 2014. It had passed all stages without amendment. The Bill amends the GST Act and the TAA to ensure that overpaid GST is refundable only in certain circumstances. [LTN 104, 2/6/14]