Legislation

ALP commits to introducing MySuper from July 2013

The ALP has announced that, if re-elected, it would introduce a simple, low-cost super product called “MySuper” from 1 July 2013 which would replace existing default funds. The product is designed for members who do not exercise choice or nominate a fund, or where a default fund is specified in a modern Award or industrial agreement. Only ...more

TFN withholding for closely held trusts: Exposure Draft Regs

On 3 June 2010, the Assistant Treasurer released for comment exposure draft regulations and explanatory material to support proposed legislative amendments to extend TFN withholding arrangements to closely held trusts, including family trusts. By extending TFN withholding to these types of trusts, the proposed amendments are intended to encourage eligible beneficiaries to quote their TFN ...more

The Government’s Future of Financial Advice reforms

On 26 April 2010, the Minister for Financial Services, Superannuation and Corporate Law, Mr Chris Bowen, announced the Government’s Future of Financial Advice reforms in response to the recommendations of the Ripoll Report into financial products and services. Key reforms The key reforms, which will apply from 1 July 2012, include: ban on commissions – ...more

Henry Tax Report – the fallout

In an interview on Channel 7, the Leader of the Opposition, Mr Tony Abbott has responded to the Henry Tax Report released on Sunday 2 May saying the Henry recommendations on superannuation and national savings should not have been ignored. However, Mr Abbott said the Coalition rejects “possible death duties” and “state taxes on the ...more

Assistant Treasurer says potential double FBT from foreign income amendments will be addressed

The Assistant Treasurer says recent media speculation is wrong that the s 23AG foreign income amendments are complex and difficult. [The changes, that have applied since 1 July 2009, amended s 23AG of the ITAA 1936 to remove the exemption from income tax for foreign employment income derived by Australian resident individuals. They were made ...more

New tax agent services legislation commenced on Monday 1 March

The Tax Agent Services Act 2009 which implements the new national Tax Agent Services regime commenced on Monday 1 March 2010. The Tax Practitioners Board Chairman, Mr Dale Boucher, reminded tax practitioners of the following transitional arrangements for tax agents: For those who are currently registered as a tax agent, their registration will continue under ...more

Approved superannuation clearing house established

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

CGT scrip-for-scrip rollover – law to be amended with effect from 6 Jan 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 ...more