The Government on Thur 25.10.2012 released Exposure Draft – Tax Laws Amendment (2012 Measures No 6) Bill 2012 proposing to amend the limited recourse debt provisions in Div 243 of the ITAA 1997. The draft legislation seeks to give effect to the Government’s 2012-13 Budget measure to ensure that the limited recourse debt tax provisions…
The Government today Fri 12.10.2012, released draft legislation to remove income tax impediments for business restructures. In particular, these changes would seek to amend the ITAA 1997 (principally Div 124) to: provide revenue asset and trading stock roll-overs where interest holders exchange their units in a unit trust for shares in a company; broaden beyond…
The Federal Circuit Court of Australia Legislation Amendment Bill 2012 was passed by the House of Reps on Wed 10.10.2012, without amendment and now moves to the Senate. It will amend the Federal Magistrates Act 1999 and other legislation to rename the Federal Magistrates Court as the Federal Circuit Court of Australia, and to change…
The Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 has been referred to the Parliamentary Joint Committee on Corporations and Financial Services for report. The has been referred to the Regulatory Powers (Standard Provisions) Bill 2012Parliamentary Joint Committee on Law Enforcement for report. The Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other…
The following Bills have been referred to the Senate Legal and Constitutional Affairs Legislation Committee for report: Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 (see above) – report due by 19 November 2012; Freedom of Information Amendment (Parliamentary Budget Office) Bill 2012 (see above) – report due by 19 November…
The Regulatory Powers (Standard Provisions) Bill 2012 was introduced in the House of Reps Wed 10.10.2012. It seeks to provide for a framework of standard regulatory powers exercised by agencies across the Commonwealth. The Bill would only apply to regulatory schemes that trigger its provisions through amendment of existing legislation or the introduction of new…
The Freedom of Information Amendment (Parliamentary Budget Office) Bill 2012 was introduced in the House of Reps on Wed 10.10.2012. It proposes to amend the Freedom of Information Act 1982 and Privacy Act 1988 to provide a new FOI exemption for documents related to requests to the Parliamentary Budget Office (PBO). The functions of the…
The Crimes Legislation Amendment (Serious Drugs, Identity Crime and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 10.10.2012. It amends the Australian Federal Police Act 1979, Crimes Act 1914, Crimes (Superannuation Benefits) Act 1989, Criminal Code Act 1995, Customs Act 1901, and Law Enforcement Integrity Commissioner Act 2006 to, among…
The Tax Laws Amendment (Clean Building Managed Investment Trust) Bill 2012 was introduced in the House of Reps on Wed 10.10.2012. It amends the Income Tax (Managed Investment Trust Withholding Tax) Act 2008, the ITAA 1997 and the Taxation Administration Act 1953 to provide a final withholding tax rate of 10% on fund payments from…
M o r g a n’ s T a x M o n t h – October 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in October 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…