At its meeting on Tue 1.10.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. RBA Governor Glenn Stevens said the Board judged that the setting of monetary policy remained appropriate and will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand and inflation…
AUSTRAC, on Tue 29.10.2013, released its 2012-13 Annual Report. It was tabled in Parliament on Tue 29.10.2013 out of session. It showed a significant increase in international funds transfers during 2012-13. AUSTRAC said it received more than 84 million financial transaction reports from Australian businesses during 2012-13. This total includes almost 80 million reports of…
The Financial Services Council (FSC) says the Government’s proposed “Son of Wallis” inquiry will be a once in a generation opportunity to reposition Australia’s financial services industry for future growth and to set in train the right structure and policies to keep the economy strong. Speaking at the recent FSC Deloitte panel discussion on Son…
The Minister for Small Business has announced that the Government has commenced outlining some of its plans to transform the Federal Small Business Commissioner’s role. Mr Billson said the Coalition wants to create a single entry point for small business “to access Federal small business programmes and support, to contribute to making Commonwealth laws and…
In then anticipation of the election of Bill Shorten as Leader of the Federal Opposition [which has now occurred], the Prime Minister said he had spoken with the Governor-General, Her Excellency the Hon Quentin Bryce AC. Mr Abbott said the Governor-General offered to leave office early to avoid any perception of bias, but he said…
The AAT has affirmed the CEO of Customs’ decision refusing to apply a tariff concession order to goods (“Ripsticks”) imported by a taxpayer. On 26 June 2009, the taxpayer requested a Tariff Advice for goods described as “Ripstick” Caster Boards. On 15 July 2009, the CEO of Customs decided the Ripsticks did not satisfy the terms of Tariff Concession…
According to the OECD, reforming tax incentives to encourage businesses to invest in research and development (R&D) would give countries a better return on their investment and support young innovative firms that play a crucial role in job creation. In its latest report, entitled Supporting Investment in Knowledge Capital, Growth and Innovation, the OECD said…
The Institute of Public Accountants (IPA) has announced that its Board of Directors has decided to adopt its own Pronouncement 11 Financial Planning Services as an alternative to APES 230, a standard for financial advisory services issued by the Accounting Professional and Ethical Standards Board (APESB). IPA CEO Andrew Conway said “the IPA has consulted…
The Assistant Treasurer Arthur Sinodinos on Sun 13.10.2013, spoke at the Association of Financial Advisers’ National Conference held in the Gold Coast. The speech was Mr Sinodinos’ first official address as Assistant Treasurer. Mr Sinodinos discussed regulation of the financial sector noting that the Coalition’s financial system inquiry “will chart a course for the financial…
On 30 July 2013, the OECD invited comments from interested parties on the Revised Discussion Draft on Transfer Pricing Aspects of Intangibles. The OECD has now published the comments it received. Comments were received from a wide range of parties, including BDO, BIAC, Chartered Institute of Taxation (CIOT), PwC Global, KPMG, Deloitte, EY, Grant Thornton UK, Transfer…