News
The Assistant Treasurer has announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures. Senator Sinodinos said, of the 64 measures that were considered further, 16 will proceed and 48 measures will not proceed. Measures to proceed include: CGT treatment of earn-out arrangements; strengthening certain integrity provisions in…
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The Senate Economics Legislation Committee has recommended that the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 be passed by the Senate. The Committee also recommended that: (i) the Government revisit incentives in superannuation for low income earners and taxation issues affecting small business, “once the Budget returns to strong surplus”; and (ii)…
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The Federal Treasurer has advised that he held his first meeting with the State and Territory Treasurers, where a new infrastructure partnership was discussed along with the GST threshold for online purchases. On GST, Mr Hockey said the States were provided with the material they had previously requested on the costs of any changes to…
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The Treasurer has introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (MRRT). It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource Rent…
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Assistant Commissioner for Superannuation, Matthew Bambrick, has presented the ATO perspective on issues affecting SMSFs at the Fifth Annual Small Independent Superannuation Funds Association SMSF Forum.
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The ATO and the Australian Federal Police (AFP) have announced that as part of Project Wickenby, three men have been charged with tax and money laundering offences relating to the transfer of $30 million into Australia All three men are set to appear before the Sydney Central Local Court. The ATO and the AFP said…
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In AAT Case [2013] AATA 671, Re Perry and FCT, the AAT affirmed the Commissioner’s decision refusing a taxpayer’s claim for tax deductions for the relevant year. In doing so, it also affirmed the imposition of 50 per cent penalty on the shortfall amount for “recklessness”. The taxpayer was a car salesman who made unsubstantiated…
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ASIC has revealed details of its surveillance program to combat illegal phoenix activities. It said its actions include removing directors who have been involved in two or more failed companies from the industry ASIC said it has so far identified a target group of 1,400 companies and is now paying special attention to approximately 2,500…
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