Australian Taxation Office
The June 2015 edition of TaxTalk Monthly is now available. This month's featured articles include:
- Protecting out prosperity - The pathway to a better tax system - a PwC submission in response to theRe:think Tax Discussion Paper
- General year-end planning for business
- Unlocking shareholder value - dividend planning and management
- Transfer pricing announcements in Australian Federal Budget
- Foreign investment in property - Victoria duty and land tax reforms
TaxTalk also includes a monthly roundup of developments in corporate tax, employment tax, indirect tax (including GST and customs update), international tax, superannuation, legislative updates and other news updates.
This LegalTalk Alert provides an overview of the recommendations of the Harper review on competition policy in Australia regarding changes to Part IV of the Competition and Consumer Act.
Progress of Bills
Labor 2013-14 Budget Savings (Measures No 1) Bill 2014, which proposes to repeal the second round of carbon tax-related personal income tax cuts that are due to start on 1 July 2015, was debated in the House of Representatives yesterday. Debate was adjourned. The House of Representatives sits again today from noon.
Review of ATO's annual report
The House of Representatives Standing Committee on Tax and Revenue has tabled its first report on the 2014 Annual Report of the ATO which considered a range of topics including: the ATO's relationship with taxpayers; administration of the ATO; and compliance strategies. See the accompanying media release.
The House of Representatives Standing Committee on Agriculture and Industry has tabled its report in relation to its inquiry into Australia's anti-circumvention framework in relation to anti-dumping measures.
Tax and Superannuation Laws Amendment (Release Conditions for Non-concessional Contributions) Regulation 2015 amends various taxation and superannuation regulations, with various dates of effect, to enable amounts to be paid from an individual's superannuation or income stream to meet tax liabilities arising from certain superannuation contributions. This regulation also corrects minor technical and typographical errors and extends the amendment period for assessments of income tax for individuals who make an election in respect of excess non-concessional contributions.
Defence force exemptions
Income Tax Amendment (Defence Force Income Tax Exemptions) Regulation 2015 amends the Income Tax Regulations 1936 and Treasury Laws Amendment (2015 Measures No. 1) Regulation 2015 to exempt from income tax the remuneration of Australian Defence Force personnel engaged in service on Operations Accordian, Augury, Highroad, Manitou, Okra and Palate II.