By Tax News Division on March 4, 2010
Dale Boucher, Chair of the Tax Practitioners Board, has announced that from 1 July 2011, registered BAS and tax agents will need to have professional indemnity (PI) insurance coverage.
Mr Boucher said that, while the Board had yet to undertake detailed research and consultations with stakeholders, the overall case for setting an insurance requirement was clear. ...more
Posted in Government | Tagged insurance, professional indemnity, Tax Agent, Tax Practitioners’ Board |
By Tax News Division on March 4, 2010
The Assistant Treasurer has updated the Government’s action to date on fighting tax crime. Among other things, he noted that:
as at 31 December 2009, tax collections themselves from Wickenby were $160.08m;
as at 31 December 2009, Wickenby had also raised $532.79m in tax liabilities;
as at 31 December 2009, tax collections in subsequent years from people subject ...more
Posted in ATO, Government, Tax | Tagged ATO, NSW District Court, Project Wickenby, tax crime, tax return |
By Tax News Division on February 17, 2010
On 1 February 2010, the Treasurer released an updated 2010 Intergenerational Report (IGR) highlighting the challenges over the next 40 years, including an ageing population, and mounting pressures on the health system. The report entitled, “Australia to 2050: Future Challenges”, is available on the Treasury Website.
Population and demographic changes
The report projects that Australia’s total population ...more
Posted in Government | Tagged gdp, tax reform, treasurer |
By Tax News Division on February 17, 2010
The Tax Laws Amendment (2010 Measures No 1) Bill 2010 was introduced in the House of Reps on 10 February 2010. This Bill amends various parts of the superannuation legislation (as well as the ITAA 1936 and the Taxation Administration Act 1953) to implement the Government’s 2008-09 Budget announcement to provide a free superannuation clearing ...more
Posted in Government, Legislation, Superannuation | Tagged medicare, SME, Superannuation, tax bill |
By Tax News Division on February 3, 2010
According to Tax Office figures, only half of all eligible Australian families have lodged a claim for the education tax refund (ETR), leaving more than $500m in unclaimed benefits. As at 13 November 2009, only $488m of the projected $1.02bn cost for the ETR had been claimed in tax refunds.
The ETR provides eligible parents with ...more
Posted in ATO, Government, Tax | Tagged education tax refund, tax claims, tax refund |
By Tax News Division on February 3, 2010
At a recent address in Sydney, Treasury Secretary and Chairman of the tax system review, Dr Ken Henry, said he considered that tax reform should always be a project for the coming decade – not just the coming weeks or months. It was not, he said, desirable to try to do everything at once.
Dr Henry ...more
Posted in Government | Tagged dr henry, marginal tax rates, progressive taxation, tax concession, tax reform |
By Tax News Division on February 3, 2010
In the 2009-10 Federal Budget on 12 May 2009, the Federal Government announced it would introduce a Paid Parental Leave (PPL) scheme. While legislation for the new scheme has yet to be introduced in Parliament (although a package of 3 Bills is proposed for introduction in the first session for 2010 ), draft minutes of ...more
Posted in Government, Industrial Relations | Tagged family assistance office, Federal Budget, Industrial Relations, paid parental leave |
By Tax News Division on January 22, 2010
On 6 January 2010, the Assistant Treasurer announced that the Government will introduce legislative changes relating to the requirements for the scrip-for-scrip CGT roll-over in respect of takeovers and mergers approved under the Corporations Act 2001.
Senator Sherry said that, as the law stands, the scrip-for-scrip roll-over may not be available to shareholders even though the ...more
Posted in CGT, Government, Legislation, Tax | Tagged CGT, Corporations Act, Legislation, mergers and takeovers, scrip-for-scrip |
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