Coalition would appoint ATO Second Commissioners from private sector
Shadow Treasurer Joe Hockey has announced that the Coalition would expand the number of Second Commissioners by 4. While appointments would be based on merit, he said these 4 additional part-time appointments would be individuals “who have deep experience in the private sector”. These Second Commissioners would be based outside of Canberra. Ideally they will ...more
2012-13 Federal Budget: a small surplus, company tax cut scrapped, plus many more tax and super changes
On 8 May 2012, the Treasurer handed down the 2012-13 Federal Budget, his 5th and arguably most challenging (and perhaps most controversial), Budget. The much talked about and speculated surplus has materialised. The Treasurer revealed a $1.5bn surplus for 2012-13 (see further details below). The pre-Budget speculation about reduced tax breaks for companies to help ...more
This year’s Federal Budget: a surplus (maybe), but what about tax changes?
In a recent address to the Australian Business Economists in Sydney, the Treasurer spoke about the coming Federal Budget and the challenge it presented in the context of achieving a surplus in a difficult revenue environment. While he did not foreshadow any specific Budget measures, some “reading between the lines” might give an indication of ...more
CGT treatment of earnout arrangements
It was this time 2 years ago, on 11 May 2010 in the 2010-11 Federal Budget, that the Government announced it would amend the law to change the CGT treatment of earnout arrangements. Broadly, under the proposal, all payments received under an earnout arrangement would be treated as relating to the underlying business assets (ie ...more
inTAX magazine: May 2012
The May 2012 edition of inTAX magazine features an article discussing the implications of the Tax Office’s Draft Ruling on the meaning of “income of the trust estate” (Draft TR 2012/D1). James Meli, Tax Supervisor at Hall Chadwick writes that “the Commissioner applies an interpretive device to conclude, among other things, that the ‘income of ...more
Income testing the private health insurance rebate is coming soon
Income testing the 30% private health insurance rebate will start from 1 July 2012. It is likely to catch many people unaware. The question is how will it work in practice? An article by Terry Hayes, Thomson Reuters Senior Tax Writer, published in Issue 15 of the 2012 Thomson Reuters Weekly Tax Bulletin, explains that ...more
Will this year’s Federal Budget bring some unwelcome tax changes?
The Treasurer has recently spoken about the coming Federal Budget and the challenge it presents in the context of achieving a surplus in a difficult revenue environment. While he did not foreshadow any specific Budget measures, some judicious “reading between the lines” might give an indication of what is coming. Mr Swan spoke of having ...more
Call for GST on retirement villages to be removed
Writing in Issue 14 of the 2012 Thomson Reuters Weekly Tax Bulletin, Ken Fehily, Director of Fehily Advisory, says the Federal Government should remove GST on retirement villages in order to stimulate transition to more effective housing for the elderly. He says there is an urgent need to remove an anomaly that sees government and ...more
inTAX magazine: April 2012
The April 2012 edition of inTAX magazine highlights two important developments concerning the Government’s Future of Financial Advice (FoFA) reforms. Kym Bailey, Private Client Adviser, Perpetual, discusses issues with the Government’s proposal to include limited recourse borrowing arrangements (LRBAs) as a financial product under the Corporations Act 2001. Another hot topic is the Government’s proposed ...more
Could transfer pricing top the Reportable Tax Position list?
Australia’s new Reportable Tax Position (RTP) schedule is almost with us. For the 2011-12 income year (ie from the year ended 30 June 2012), where taxpayers have been advised by the ATO that they are required to lodge the RTP schedule, they must provide their disclosures to the ATO in writing in an acceptable form. ...more
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