The Government on Fri 24.10.2014, released its response to the 61 recommendations of the Report of the Senate Economics Committee inquiry into the performance of ASIC. Acting Assistant Treasurer Senator Mathias Cormann said ASIC had agreed to establish an Office of the Whistleblower within ASIC to improve the way it deals with whistleblowers. ASIC has…
Finance Minister Senator Cormann announced on Friday 24 October 2014 that the Government will establish an enhanced, industry-wide public register of financial advisers. The register of financial advisers will include: the adviser’s name, registration number, status, and experience; the adviser’s qualifications and professional association memberships; the adviser’s licensee, previous licensees/authorised representatives and business name; what…
Labor’s motion (moved by Senator Dastyari) to have the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 disallowed was on Wed 1.10.2014, defeated in the Senate by 34 votes to 32. It is understood the Government had support from the Palmer United Party, the Motoring Enthusiasts Party, Family First and Liberal Democratic Party cross-benchers.…
In a decision handed down on Wed 8.10.2014, the NSW Civil and Administrative Tribunal refused a taxpayer’s claim for the primary production land tax exemption in respect of a property for the 2012 land tax year. The taxpayer claimed that on the taxing date (30 December 2011), it was using the land for the dominant purpose of…
The Queensland Office of State Revenue has released DA375.1.1: Administrative arrangement – s 375 of the Duties Act 2001 – insurance duty exemption for health insurance. Section 375 of the Duties Act provides that insurance duty is not imposed on a contract of insurance entered into in the course of an insurer’s health insurance business as…
The WA Office of State Revenue (OSR) has issued the following Commissioner Practices: DA 33.0 (Duties – Transfer of land under bailiff seizure and sale order) – outlines how the Commissioner will assess the duty liability relating to the sale of property by a property (seizure and sale) order where a purchaser agrees to assume…
The WA Office of State Revenue (OSR) has recently issued the following Revenue Ruling and Commissioner’s Practice: LT 1.2 (Withdrawal of memorials and consent to deal on land) – this Ruling identifies the circumstances in which the Commissioner will provide a withdrawal of a memorial or consent to deal on land where the whole of…
The State Revenue Legislation Further Amendment Bill 2014 (NSW) has passed all stages of the NSW Parliament without amendment and awaits Assent. It contains: 1.amendments to the Payroll Tax Act 2007 (NSW) to clarify and restrict certain exceptions from the contractor provisions under that Act; 2.amendments to the Payroll Tax Rebate Scheme (Jobs Action Plan)…
The State Revenue Legislation Amendment (Electronic Transactions) Bill 2014 (NSW) has passed all stages without amendment after having been passed by the Legislative Council on Wed 22.10.2014, and awaits Royal Assent. The Bill proposes to amend the Duties Act 1997 (NSW) and the Taxation Administration Act 1996 (NSW) to make further provision for the assessment…
The Budget Measures Bill 2014 (SA) received Assent on 2 October 2014 as Act No 11 of 2014. The Bill implements the SA Budget 2014 measures including the introduction of an $8,500 Seniors Housing Grant (SHG) for new homes where contracts are entered into between 1 July 2014 and 30 June 2016 inclusive. Further information on the Seniors Housing Grant is…