The report of the Senate Economics Legislation Committee on the amended Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 was tabled in the Senate Mon 22.9.2014. It recommended that the Senate pass the Bill. The amended Bill contains new measures proposed by the Palmer United Party (PUP) and the Motoring Enthusiasts Party (MEP).…
The Corporations Amendment (Statements of Advice) Regulation 2014 was registered on Mon 8.9.2014. It amends the Corporations Regulations 2001 to make a number of amendments to the financial disclosure requirements. The amendments alter some of the provisions regarding the Statement of Advice (SoA), a disclosure document which generally must be provided to retail clients receiving…
Labor’s motion (moved by Senator Dastyari) to have the Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 disallowed was scheduled to have been considered by the Senate on Mon 1.9.2014 but has now been postponed until on Tue 2.9.2014. The disallowance motion will be reported when its fate is known. [LTN 168, 1/9/14]
The Victorian State Revenue Office (SRO), on Tuesday 30.9.2014, issued Payroll Tax Bulletin PTX 1/14 (Security Industry – Employers of Holders of Private Security Individual Operator Licences – Opportunity for Voluntary Disclosure). The SRO says the Commissioner of State Revenue (Vic) is aware that some security firms hire holders of a Private Security Individual Operator…
The Victorian State Revenue Office (SRO) had advised that the last phase of the Victorian Government’s 50% duty reduction for first home buyers commenced on 1 September 2014. This means that from 1 September 2014, eligible first home buyers will receive a 50% discount on their stamp duty. The duty reduction applies to eligible first home buyers who purchased…
The Qld Office of State Revenue (OSR) has updated Public Ruling PTA005.3 (Exempt allowances: motor vehicle and accommodation). The updated ruling aligns Queensland’s practice in relation to overnight accommodation allowances with the practice of other jurisdictions. It also reflects an amendment to the definition of “wages” in the Payroll Tax Act 1971 (Qld) made by…
Two taxpayers (a couple) have been successful before the Victorian Civil and Administrative Tribunal in seeking the primary production land tax exemption in respect of a property for the 2011 to 2013 land tax years. The issue was whether the land was exempt pursuant to s 67 of the Land Tax Act 2005 (Vic). That is,…
RevenueSA has advised that the SA Government will work with industry to develop an appropriate scheme to ensure that pensioners and concession card holders are not adversely affected by the Emergency Services Levy (ESL) changes announced in the 2014-15 SA Budget. In the Budget, the SA Government removed the fixed property ESL remission (better known…
A taxpayer has been broadly unsuccessful before the NSW Civil and Administrative Tribunal in seeking to have, among other things, 2 companies de-grouped from a company group for payroll tax purposes. The Commissioner had issued payroll tax assessments to the taxpayer for the payroll tax years ending 30 June 2007 to 30 June 2011 (inclusive). The assessments were issued…
The NSW Civil and Administrative Tribunal has affirmed a decision of the Chief Commissioner of State Revenue (NSW) not to exercise his discretion to determine a taxpayer was not a member of a group for payroll tax purposes. In June 2011, the Commissioner issued payroll tax assessments to the taxpayer for the 2008 to 2010 tax years…