The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the September quarter increased 1.4% from the June 2012 quarter to 101.8. The most significant price rises this quarter were for electricity (+15.3%), international holiday travel and accommodation (+6.6%), and medical and…
AUSTRAC has released its annual report for 2011-12 which highlights the growing role of financial intelligence in tackling crime, including tax evasion. The report details how information sharing between AUSTRAC and the ATO contributed to 3,745 cases resulting in $252m in additional tax assessments being raised. AUSTRAC also reported that financial intelligence assisted in 973…
In a speech to the John Curtin Institute of Public Policy, Breakfast Forum Fri 5.10.2012, entitled “Challenges and opportunities for the Australian economy“, the Secretary to the Treasury, Dr Martin Parkinson, raised the issue of “sustainability of the tax system” in terms of whether it can continue (at both the Commonwealth and State level) to…
At its meeting on Tue 2.10.2012, the Reserve Bank Board decided to lower the cash rate by 25 basis points from 3.5% to 3.25%. Reserve Bank Governor Glenn Stevens said the Board judged that, on the back of international developments, the growth outlook for next year looked a little weaker, while inflation was expected to…
The SA Government has announced changes to assist new home buyers. The proposals include: increasing the First Home Owner Grant (FHOG) for new homes from $7,000 to $15,000 (ongoing) for eligible contracts entered into on or after 15 October 2012; reducing the FHOG for established homes from $7,000 to $5,000 for eligible contracts entered into…
The South Australian Government has announced it will allow film and TV producers to apply for the provisional payroll tax exemption before their film or television program is made. The SA Minister for the Arts said that under the current provisions, there can be uncertainty about whether the exemption will be approved, meaning producers carrying…
A taxpayer (a company Incorporated in NSW) which filed objections to assessments for payroll tax imposed by the Payroll Tax Act 1971 (Qld) on 17 October 2011 for the 2009, 2010 and 2011 years for over $5m (including penalties) has been successful before the Supreme Court of Queensland in seeking an order under s 30…
The State Taxation and Other Acts Amendment Bill 2012 (Vic) was on Tue 23.10.2012, introduced into the Victorian Legislative Assembly. It proposes to amend the Land Tax Act 2005 (Vic), the Taxation Administration Act 1997 (Vic), the Trustee Companies Act 1984 (Vic), and for other purposes. [LTN 206, 24/10]
The Victorian Treasurer Kim Wells has announced that the Government’s fire services legislation – the Fire Service Property Levy Bill 2012 – is set to become law after it passed the Victorian Upper House, on Thur 11.10.2012. The changes will see the insurance-based fire services levy abolished from 1 July 2013 and a property-based levy…
The Taxation Legislation (Miscellaneous Amendments) Bill 2012 (Tas) was introduced into the Tasmanian House of Assembly on 25 September 2012. It proposes amendments to the following Tasmanian Acts: the Duties Act 2001; the Land Tax Act 2000; the Payroll Tax Act 2008; and the Taxation Administration Act 1997. Key amendments include: amendments to the Duties…