The High Court [on Wed 4.3.2015] ruled that the documentation for a timber plantation investment scheme did not support the existence of an express trust in favour of the scheme investors over the proceeds from the sale of the timber and scheme land. In so finding, the High Court unanimously allowed the appeal from the…
The Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into proposals to lift the professional, ethical and education standards in the financial services industry (PJC) presented its recommendations to Government on 19 December 2014. The PJC report outlines a comprehensive model to increase the professional standards of advisers, involving a co-regulatory approach where Government, professional associations,…
The Senate [on Wed 25.3.2015] moved that the Australian grape and wine industry be referred to the Rural and Regional Affairs and Transport References Committee for inquiry and report by 11 November 2015. Among other things, the Inquiry will examine the impact and application of the wine equalisation tax (WET) rebate on the grape and wine industry…
The Government [on Thur 12.3.2015] released draft legislation to make reforms to the Offshore Banking Unit (OBU) regime. On 6 November 2013, the Government announced that it would proceed with certain reforms to the OBU regime. These reforms would address a number of integrity concerns with the existing regime while ensuring the OBU regime targets mobile financial sector activity.…
The Government [on Thur 12.3.2015] released draft legislation to implement Element 3 of the Investment Manager Regime (IMR) reforms. The IMR reforms remove tax impediments to investing in Australia in order to attract foreign investment to Australia and promote the use of Australian fund managers. These draft amendments would extend the IMR concession to cover investments in…
It [has been reported in the press] that Tax Institute, Senior Tax Counsel: Robert Jeremenko has been appointed as Chief of Staff for the Government’s Tax Reform White Paper Unit. The Tax Institute said it has long been an advocate for tax reform and looked forward to the impending Discussion Paper and White Paper. The Australian Financial…
The Treasurer [on Tue 3.3.2015] announced that Australia and Switzerland have agreed to increase cooperation to tackle tax evasion. Mr Hockey said the countries have “agreed to take another step in the fight against evasion and automatically exchange information with Switzerland based on the OECD’s common reporting standard (CRS).” Under the agreement, the ATO will automatically receive…
Tax and Transfer Policy Institute report on tax reform, 02 March 2015 The Tax and Transfer Policy Institute (TTPI) at The Australian National University has released a on Australia’s tax system. In particular, the report: reviews the economic and social challenges which the Henry Review identified and identifies new ones which have come to the fore…
The Federal Opposition has announced that it will “shut down loopholes that allow big multinationals to send … profits overseas”. Labor has announced that, in government, it would implement the following measures: *Worldwide Gearing Ratio – Tax deductions would be based on a company’s entire global operations, not just what they do in Australia. Hybrid Mismatches – Labor proposes to standardise…
Labor to shut down multinational tax evasion loopholes, 02 March 2015 The Australian Labor Party has announced a package of measures to shut down loopholes, which allow big multinational companies to send profits overseas. According to estimates by the Parliamentary Budget Office, Labor’s plan will bring in at least $1.9b in tax over the next…