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Australian Charities and Not-for-profits Commission commenced on 3 December 2012

03 Dec 2012

The Australian Charities and Not-for-profits Commission Act 2012 received Royal Assent on 3 December 2012 thereby initiating the commencement of the Australian Charities and Not-for-profits Commission (ACNC).

Transfer Pricing Alert: Stage 2 Reform Exposure Draft Released

26 Nov 2012

On 22 November 2012 Treasury released the Exposure Draft of the Tax Laws Amendment (Cross-Border Transfer Pricing) Bill 2013: Modernisation of transfer pricing rules (“Stage 2”) which proposes to update Australia’s domestic transfer pricing regime.

Public Sector Reform, Getting the Balance Right

13 Nov 2012

Getting the balance between agency reform and service delivery can be challenging. Effective service review and change management can be the difference between success and failure.

Tax Alert: Australia’s new transfer pricing rules – Stage 1

13 Nov 2012

The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No 1) 2012 (Stage 1) has passed through Parliament and now awaits Royal Assent. This new legislation applies to transactions with related parties in countries that have Double Taxation Agreements (DTA’s) with Australia.

Tax Alert: “Son of Hold-back" Arrangements

22 Oct 2012

In July the Administrative Appeals Tribunal (AAT) handed down its decision in AP Group Limited v Commissioner of Taxation, involving the GST treatment of certain “incentive” payments by car manufacturers to dealers. The decision followed from the 2008 decision of the Federal Court in KAP Motors Pty Ltd v Commissioner of Taxation where car dealers successfully obtained refunds of GST paid on “holdback” payments.

Indirect Tax Update: October 2012

17 Oct 2012

At a big picture level, there seem to have been two main areas of focus for taxpayers and the Federal and State Revenue authorities over the last three months

Crisis Recovery cover

08 Oct 2012

With the incidence of cancer increasing year on year and the occurrence of cardiovascular diseases preventing many families from living a full life due to disability, it is becoming increasingly important to consider crisis cover as part of a personal protection plan. Many Australian families struggle, both emotionally and financially, when someone in their family is diagnosed with a life threatening or debilitating health condition.

Superannuation Tax update: SuperStream

08 Oct 2012

SuperStream is one part of a number of measures being introduced by the Government as part of its response to a review into the efficiency of Australian superannuation system. Legislation has not been passed by the Parliament at this stage.

Superannuation Tax Update: Other tax changes effective from 1 July 2012

08 Oct 2012

In addition to the announcements in the 2011-12 Federal Budget which take effect from 1 July 2012, a number of other legislative changes came into effect during the 2011-12 financial year.

2012-13 Federal Budget update

08 Oct 2012

A number of initiatives were announced in the 2012/13 Federal Budget impacting on individuals using superannuation to save for retirement.