Category Archives: Tax Month – November 2013

*IPA remind taxpayers to take advantage of current $6,500 ‘small business asset write-off’ before it is due to be abolished on 1 January 2014 [12]

The Institute of Public Accountants (‘IPA’) has reminded small businesses that the current small business instant asset write off threshold of $6,500 will go back to id=”mce_marker”,000 from 1 January 2014 as part of the Government’s repeal of the mining tax. Accordingly, the Institute says eligible small businesses should consider taking advantage of the current threshold before…

Senate Estimates hears from ATO on various issues including changes in policy of the new Government [11]

The transcript of the Senate Economics Legislation Committee Estimates hearing held on Wednesday 20 November 2013 has been released. The meeting discussed, among other things: GST on movable homes draft ruling; tax deductibility of contributions to foreign aid; the Paid Parental Leave scheme; Govt decision not to proceed with taxing super fund earnings over id=”mce_marker”00,000; self-education expenses;…

*OECD seeks comments on draft technical changes to Model Tax Convention [10]

The OECD Committee on Fiscal Affairs (CFA) has invited public comments on a discussion draft on technical changes to be included in the next update to the OECD Model Tax Convention. These technical changes include proposals for changes to the Model Tax Convention resulting from the work of Working Party 1 on Tax Conventions and…

*Board of Taxation’s review of Div 7A to be broadened and extended to 31 October 2014: Assistant Treasurer [9]

The Assistant Treasurer on Fri 8.11.2013, announced that the Board of Taxation will extend its post-implementation review of Div 7A of Pt III of the ITAA 1936 to include the broader taxation framework in which private business operates. Senator Sinodinos said “the Board’s examination of Div 7A highlights that complexities can arise because of the Division’s interaction…

*Government announces its position on unlegislated tax and super measures announced press release [8]

The Government on Wed 6.11.2013, announced its formal position with respect to a large number of previously announced tax, superannuation and related changes that have not been legislated. The Government said it is determined to resolve all policies relating to these matters by 1 December 2013 for inclusion in the Mid-Year Economic and Fiscal Outlook (MYEFO). The…

Australian Industry Group does not support repeal of the loss carry-back rules or reduction in SME write-offs but does support repeal of the Mining Tax [7]

The Australian Industry Group (Ai Group) says it does not support the repeal of the company loss carry-back measures nor the winding back of the small business asset write-off threshold as proposed in the draft mining tax repeal Bills. In its submission on the draft Bills, Ai Group says it is of the view that,…

*Upfront HECS-HELP payment discount to be abolished – Bill introduced [6]

The Higher Education Support Amendment (Savings and Other Measures) Bill 2013 was introduced in the House of Reps on Thur 21.11.2013. It proposes to remove the HECS-HELP up-front payment discount from 1 January 2014. Currently, a 10% discount is applied to up-front student contribution payments of $500 or more. The Bill would also remove the HELP voluntary…

Import processing charges to be increased – Bill introduced [5]

The Import Processing Charges Amendment Bill 2013 was introduced in the House of Reps on Thur 21.11.2013. It will implement a revenue measure that was announced as part of the 2013-14 Federal Budget. The Bill proposes to amend the Import Processing Charges Act 2001 to increase the import processing charges levied on air, sea and…

Innovation Grants Committee revoked by notice published in the Gazette [4]

By notice in the Commonwealth Gazette, the Minister for Industry has, pursuant to subs 22(1) of the Industry Research and Development Act 1986, and effective from 15 November 2013, revoked the Innovation Grants Committee of Innovation Australia. [LTN 224, 19/11/13]

*Mining tax repeal Bill introduced – loss carry-back, low income super contribution abolished; SGC deferred; instant write-off reduced to $1k [3]

The Treasurer on Wed 13.11.2013, introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013. It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource…