Tax agent regime: financial planners’ exemption extended
On 30 April 2012, the Assistant Treasurer announced that financial advisers will be granted a 1-year extension to their current exemption from the taxation agent services regime until 30 June 2013. This decision is intended to allow for a smooth transition to the new regulatory regime, which will bring taxation advice provided in the context ...more
Negligent CGT advice claims on the rise
Many years ago, the Supreme Court of Western Australia in Briar Holdings Pty Ltd v Capolingua (1997) 37 ATR 135 found that an accountant was liable in negligence for failing to structure an arrangement to take advantage of CGT rollover relief to preserve the pre-CGT status of asset under some restructure. It was little comfort ...more
Meaning of “income of the trust estate”
Draft Taxation Ruling TR 2012/D1, released on 28 March 2012, gives the ATO’s views on the meaning of the expression “income of the trust estate” as used in Div 6 of Pt III of the ITAA 1936 and related provisions. In the context of Div 6, the Draft Ruling says the “income” must be: measured ...more
Taxation of trusts reforms require SME focus
The Government’s proposed reforms to the taxation of trusts require a strong SME focus, according to Pitcher Partners. Writing in Thomson Reuters Weekly Tax Bulletin Issue 12 (23 March 2012), Pitcher Partners Executive Directors Theo Sakell and Alexis Kokkinos outline some of the key reform issues and suggest that any changes to the current model ...more
FoFA Bills pass House of Reps with amendments
The Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011 were passed by the House of Reps on 22 March 2012 with a total of 24 Government amendments . The Bills now move to the Senate. Note that the amendments passed by the House of ...more
Draft transfer pricing legislation released
The Government has released an exposure draft of proposed amendments that would implement the first stage of reforms to transfer pricing. The proposed amendments follow the Full Federal Court decision in the SNF case in 2011 and are on the Treasury website. The Assistant Treasurer said the draft legislation takes into account a number of ...more
AASB Issues Revised Exposure Draft on Revenue Recognition
The International Accounting Standards Board (IASB) has issued a re-exposure draft ED/2011/6 entitled “Revenue from Contracts with Customers” (the revised ED). The Australian Accounting Standards Board (AASB) has also issued an equivalent Australian exposure draft, ED 222, with the same title. The revised ED is the next step in developing an entirely new revenue recognition ...more
ASIC Update – CP 173 Trustee Companies: Transfer Determinations by ASIC
On 24 January 2012, the Australian Securities and Investments Commission (ASIC) released Consultation Paper 173 “Trustee companies: Transfer determinations by ASIC” (CP 173), seeking public comment about the Commission’s power to administer the transfer determination provisions of Chapter 5D of the Corporations Act 2001 for trustee companies providing traditional trustee company services. According to the ...more
Review of AASB 1031: Materiality
At its February 2012 meeting, the AASB considered whether AASB 1031 remains necessary in light of the guidance on materiality in other Australian Accounting Standards and the revised IASB Conceptual Framework, which is to be incorporated into the AASB Conceptual Framework. The AASB decided to issue an Exposure Draft proposing to withdraw AASB 1031 and, ...more
AASB Issues Exposure Draft on Improvements to IFRS for 2011
The International Accounting Standards Board (IASB) has issued for public comment Exposure Draft ED/2011/12 “Improvements to IFRSs 2011” with proposed amendments to five International Financial Reporting Standards (IFRSs). The Australian Accounting Standards Board (AASB) has issued an equivalent Australian ED, ED 213 entitled “Improvements to IFRSs”. These amendments are proposed under the annual improvements process, ...more
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