The Superannuation Legislation Amendment (Stronger Super) Bill 2012 and the Superannuation Supervisory Levy Imposition Amendment Bill 2012 were introduced into the House of Reps on Thur 24.5.2012.The Bills seek to give effect to the Government’s SuperStream reforms. The main Bill proposes to amend the SIS Act to establish a framework to support the implementation of…
The Treasurer on Fri 13.4.2012, released the Business Tax Working Group’s final report on the tax treatment of losses which has recommended a loss carry back regime. The Working Group said a loss carry back could be implemented consistent with a model that: is limited to companies; provides a 2-year loss carry back period on…
The UK Chancellor of the Exchequer presented his Budget to the UK Parliament on Wed 21.3.2012. Key tax measures announced included: Reducing the top rate of income tax from 50% to 45% in April 2013. Reducing the main rate of corporation tax by an additional 1%, so that the rate will reduce from 26% to…
The Federal Parliamentary Joint Committee on Law Enforcement has completed its inquiry into Commonwealth unexplained wealth legislation and arrangements. Its report was tabled in Parliament yesterday [Mon 19.3.2012]. The report is available on the Committee website. According to the Committee, “unexplained wealth laws can be used to target serious and organised crime bosses who arrange…
The Government announced on Thur 15.3.2012, that the start date for the mandatory application of the Future of Financial Advice (FoFA) reforms will be deferred to 1 July 2013. The Minister for Financial Services and Superannuation, Bill Shorten, said the FoFA reforms will still commence from 1 July 2012 (as originally announced) but the application…
The Commonwealth Ombudsman Annual Report 2010-11 was tabled in Parliament today [Tue 13.3.2012]. During 2010-11, the Ombudsman received almost 39,000 approaches and complaints, a 4% increase on the previous year. In relation to the Tax Office, the Report noted the Ombudsman received 2,589 approaches and complaints in 2010-11, an increase of 43% from the 1,810…
The WA State Revenue Office (SRO) has issued Circular 10 which provides an overview of the proposed amendments contained in Revenue Laws Amendment Bill 2011 (WA). The Bill was introduced into the WA Legislative Assembly on 1 December 2011 and proposes to amend the Duties Act 2008 (WA) and the Stamp Act 1921 (WA). Among…
The Victorian Supreme Court has broadly affirmed stamp duty assessments (with some exceptions) issued to various taxpayers (property developers) under the Duties Act 2000 (Vic). The primary issue concerned the decision of the Commission of State Revenue (Vic) to include various “additional” payments as “consideration for” the assessment of duty arising from the transfer of…
The Appeal Panel of the NSW Administrative Decisions Tribunal has dismissed a taxpayer’s appeal against an earlier decision, which had refused the taxpayer’s claim for the principal place of residence (PPR) land tax exemption for the 2005 to 2009 land tax years (inclusive). In May 1994, the taxpayer’s parent purchased 2 adjoining properties. In July…
In a decision handed down on Thur 8.3.2012, the High Court unanimously allowed the taxpayer’s appeal against the decision of the NSW Court of Appeal. The High Court held a Deed of Consent and Assignment was a novation of a contract of sale, which caused the taxpayer to become the purchaser under a new contract,…