At an address to a Tax Institute forum in Sydney on Fri 18.5.2012, the Assistant Treasurer commented on concerns about proposed changes top Pt IVA and also on retrospective tax changes. Mr Bradbury said he was aware that some people in the tax community had questioned the need for the proposed Pt IVA changes and…
The Assistant Treasurer Tue 15.5.2012, announced the establishment of an independent Pt IVA expert roundtable to assist with the implementation of the Government’s “clarifications” of the definition of “tax benefit” in Pt IVA of the ITAA 1936. Members of the roundtable include tax and accounting body representatives, tax barristers and academics. Treasury will chair the…
The House of Reps Standing Committee on Infrastructure and Communications Committee on Thur 24.5.2012, released its advisory report on the following Bills: Coastal Trading (Revitalising Australian Shipping) Bill 2012; Coastal Trading (Revitalising Australian Shipping) (Consequential Amendments and Transitional Provisions) Bill 2012; Registration Amendment (Australian International Shipping Register) Bill 2012; Shipping Reform (Tax Incentives) Bill 2012…
The package of Bills to reform the shipping industry was passed with amendments on Thur 31.5.2012, by the House of Reps and now move to the Senate. The was Shipping Reform (Tax Incentives) Bill 2012amended to further clarify which vessels will be eligible for the tax concessions. Vessels will need to be over 500 gross…
The following Legislative Instruments were registered on the Federal Register of Legislative Instruments on Mon 28.5.2012. They make amendments to the relevant principal regulations to, among other things, adjust the operation of the low income tax offset (LITO) and merge the senior Australians tax offset (SATO) and the pensioner tax offset (PTO) into the new…
The following Bills all received Royal Assent on 26 May 2012 – they had passed all stages without amendment: Corporations Amendment (Phoenixing and Other Measures) Act 2012 – Act No 48 of 2012 – amendments include introducing an administrative process for compulsory external administration to facilitate payment of employee entitlements where a company has been…
The Government has released draft legislation and explanatory material for the proposed amendments to extend the immediate deductibility of exploration expenditure provided to mining and petroleum explorers to geothermal energy explorers. This had been announced on 24 March 2011. The proposed amendments to the ITAA 1997 are designed to allow geothermal energy explorers to deduct…
The Commissioner has made a PAYG withholding schedule under s 15-25 of Sch 1 to TAA – Schedule 30 – Tax table for back payments, commissions, bonuses and similar payments (NAT 3348), registered today [Thur 24.5.2012]. It contains a tax table to help employers and other payers to work out the amount required to be…
The Taxation Administration Act 1953 – Withholding Schedules 2012 were registered on the Federal Register of Legislative Instruments on Thur 24.5.2012. The 22 schedules make publicly available the withholding schedules, which the Commissioner is empowered to make, specifying the amounts, formulas and procedures to be used for working out the amount required to be withheld…
The Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2012 (No 1) was registered on the Federal Register of Legislative Instruments on Tue 8.5.2012. It amends the Income Tax (Effective Life of Depreciating Assets) Determination 2001 to provide taxpayers in specific industries (eg radio broadcasting, health and fitness centres and gymnasia operations, industrial gas…