Finance Minister Senator Penny Wong on Tue 7.5.2013, announced that the Government would not proceed with its 2012-13 Budget announcement to increase the maximum payment rate of FTB (Family Tax Benefit) Part A by $300 pa for families with one child and $600 pa for families with 2 or more children. For families receiving the…
The High Court refused the taxpayer’s application for special leave to appeal on Fri 10.5.2013. The taxpayer was seeking leave to appeal against the decision of the Full Federal Court in FCT v Greenhatch [2012] FCAFC 84. The Full Federal Court had unanimously upheld the Commissioner’s appeal and overturned a decision of the AAT and…
The Treasurer on Tues 14.5.2013, as part of the 2013 Federal Budget announced a package of reforms to protect the corporate tax base from erosion and loopholes. Treasury has released the following issues paper and proposals papers: – Removing the tax advantages available to multiple entry consolidated groupsthis Issues Paper outlines the process for developing…
The Minister for Climate Change, Industry and Innovation, Greg Combet, has announced that, due to the lower carbon price that is now expected to apply after 1 July 2015 [when Australia’s price would be determined by international markets], “there will be no additional anticipated increase in costs to households in 2015-16 with a lower carbon price forecast,…
The Government on Fri 3.5.2013, released an Issues Paper – Implications of the Modern Global Economy for the Taxation of Multinational Enterprises seeking comments on the risks to the sustainability of Australia’s revenue base from multinational profit shifting and aggressive tax minimisation. The paper is available on the Treasury Website. The Assistant Treasurer said the…
The Family Assistance and Other Legislation Amendment Bill 2013 was passed by the House of Reps late on Wed 29.5.2013 with 8 Government amendments. Those amendments seek to implement the 2013-14 Budget announcement that the Government would replace the Baby Bonus from 1 March 2014 with the following arrangements: It will increase Family Tax Benefit Part A…
The Government late on Mon 13.5.2013, released draft legislation proposing to implement the Government’s announcement to increase the Medicare levy from 1.5% to 2% of taxable income from 1 July 2014. The draft legislation will also establish the DisabilityCare Australia Fund. The Government said the draft legislation has been released so that it can be considered by…
Bills introduced The Medicare Levy Amendment (DisabilityCare Australia) Bill 2013 and the DisabilityCare Australia Fund Bill 2013 (along with a package of 10 other Bills) were introduced into the House of Reps on Wed 15.5.2013 [the morning after the Federal Budget]. On 1 May 2013, the Government announced that it would increase the Medicare levy by half…
The Social Security Legislation Amendment (Disaster Recovery Allowance) Bill 2013 was passed by the House of Reps on 15 May 2013 without amendment and then introduced in the Senate (it will be debated there after the Senate resumes on 17 June 2013). It proposes to create a new payment, the Disaster Recovery Allowance, a fortnightly income support payment for…
The Shipping Reform (Tax Incentives) Act 2012 – Subsection 10(5) specification of kinds of vessels was registered on the Federal Register of Legislative Instruments Wed 15.5.2013. It specifies 6 additional kinds of vessels which are not to be “excluded vessels”, and therefore would be eligible for tax concessions under the Shipping Reform (Tax Incentives) Act…