Industry News

The Australian Government delivered on its promise to deliver a tough Budget for 2014-15, leaving the community and business to decide whether it is fair. “The days of borrow and spend must come to an end. It is time, for all of us, to contribute and build,” says Federal Treasurer Joe Hockey. As always, both…

The Treasury Secretary, Dr Martin Parkinson, has delivered a speech about Australia’s current fiscal position and what might be done to address it. He noted that Australia has relatively high reliance on direct taxes as a proportion of revenue raised when compared to other OECD countries. Dr Parkinson says research consistently shows that “reduced reliance…

The Paid Parental Leave Amendment Bill 2014 has been introduced in the House of Reps. It proposes to ease administrative burdens on business by amending the paid parental leave legislation to remove the requirement for employers to provide government-funded parental leave pay to their eligible long-term employees. From 1 July 2014, employees will be paid…

CPA Australia’s 2014 pre-Budget submission says Australia is at a crossroads and the upcoming Federal Budget is an opportunity to chart a new course which will drive economic growth over the next decade and beyond. The submission says Australia’s current tax system remains a serious impediment to productivity growth and our international competitiveness. CPA Australia…

The Assistant Treasurer has announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures. Senator Sinodinos said, of the 64 measures that were considered further, 16 will proceed and 48 measures will not proceed. Measures to proceed include: CGT treatment of earn-out arrangements; strengthening certain integrity provisions in…

The Senate Economics Legislation Committee has recommended that the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 be passed by the Senate. The Committee also recommended that: (i) the Government revisit incentives in superannuation for low income earners and taxation issues affecting small business, “once the Budget returns to strong surplus”; and (ii)…

The Federal Treasurer has advised that he held his first meeting with the State and Territory Treasurers, where a new infrastructure partnership was discussed along with the GST threshold for online purchases. On GST, Mr Hockey said the States were provided with the material they had previously requested on the costs of any changes to…

The Treasurer has introduced into the House of Reps the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (MRRT). It proposes to repeal the Minerals Resource Rent Tax Act 2012, Minerals Resource Rent Tax (Imposition – Customs) Act 2012, Minerals Resource Rent Tax (Imposition – Excise) Act 2012, and the Minerals Resource Rent…

In AAT Case [2013] AATA 671, Re Perry and FCT, the AAT affirmed the Commissioner’s decision refusing a taxpayer’s claim for tax deductions for the relevant year. In doing so, it also affirmed the imposition of 50 per cent penalty on the shortfall amount for “recklessness”. The taxpayer was a car salesman who made unsubstantiated…

ASIC has revealed details of its surveillance program to combat illegal phoenix activities. It said its actions include removing directors who have been involved in two or more failed companies from the industry ASIC said it has so far identified a target group of 1,400 companies and is now paying special attention to approximately 2,500…