The ATO has advised that as of Fri 7.9.2012, it will publish all findings made by its external scrutineers and the outcomes and improvements from implementing the suggested recommendations. The ATO said its decision to publish the material will allow people to track the progress of the recommendations. To start this process, it said it…
The Board of Taxation is inviting written submissions to assist in developing its advice to the Treasurer on certain aspects of the tax cost setting process, as well as certain other aspects of the consolidation regime. The scope of this review covers: the treatment of certain types of liabilities held by an entity joining a…
The Assistant Treasurer on Fri 7.9.2012, delivered a speech on the Government’s tax reform agenda and the role of consultation. The Assistant Treasurer also released 2 Board of Taxation reports on the Post-Implementation Review of the Tax Design Review Panel’s Recommendations and the Review of the Tax Issues Entry System. Key points made by the…
Following a motion presented by Senator Cormann, and agreed to by the Senate on 17 September 2012, the Government was ordered to produce and table documents in the Senate concerning the Minerals Resource Rent Tax (MRRT). The information sought related to the costing of the MRRT over the forward estimates and specifically sought the cost…
The ATO is warning people to be cautious about arrangements promoting the generation of deductions from the purchase of offshore “emission units” that do not exist at the time of the arrangement. In issuing Taxpayer Alert TA 2012/6 on Tue 25.9.2012, the ATO says it believes many of these arrangements may not be legitimate, and…
A package of 7 Bills was introduced in the House of Reps on Wed 19.9.2012. The Bills make amendments that cover: arrangements to facilitate the linking of Australia’s carbon pricing mechanism to other countries’ emissions trading schemes, including the EU ETS; the removal of the price floor and repeal of the Clean Energy (International Unit…
The Australian Greens have announced they propose to introduce a Bill in the Senate on Tue 11.9.2012 – the Minerals Resource Rent Tax (Protecting Revenue) Amendment Bill 2012 – which aims to plug what they claim is a “mining tax loophole” by locking in the state royalty rebate for the mining tax at the level…
The SMSF Professionals’ Association of Australia (SPAA) has opposed suggestions that SMSFs should be regulated by APRA. In response to a claim that the SMSF sector is under-regulated, SPAA CEO Andrea Slattery said: “All the evidence suggests that the ATO does an excellent job regulating this sector, and calls for SMSFs to come under the…
The ATO Assistant Commissioner Superannuation, Stuart Forsyth, said that the proposed increase in the superannuation contributions tax for high income earners is likely to be levied on the individual (rather than at the fund level). This was at a keynote address to The Institute of Chartered Accountants in Australia National SMSF Conference in Sydney on…
APRA on Wed 19.9.2012, released for consultation a discussion paper outlining its proposed revised reporting requirements for APRA-regulated super funds. The consultation package includes 31 draft reporting forms and instructions. APRA said the package outlines a substantially larger data collection than is currently in place for the superannuation industry. APRA’s proposed reporting requirements implement the…