Federal Ministry reshuffle

The Prime Minister has announced details of a reshuffle in the Federal Ministry. Revenue and regulatory-related ministerial changes include:

• Chris Bowen will enter Cabinet and be appointed Minister for Financial Services, Superannuation and Corporate Law, and Minister for Human Services.
  
  

• Senator Nick Sherry is appointed Assistant Treasurer and was sworn in on Tuesday 9 June.

Employee share schemes options paper: Treasury seeks comments

The Australian Government has released for comment its consultation paper and draft legislation (PDF - 1.4 MB) on its proposed Federal Budget changes to the tax treatment of employee share schemes. Although maintaining the principle that all discounts on shares and rights provided under an employee share scheme are to be assessed in the income year in which the shares and rights are acquired, the government has acknowledged public reaction that the $60,000 income threshold may be too low and that upfront taxation may be too harsh to address its concerns.

In response, the government has proposed raising the income threshold for the $1000 tax exemption to $150,000. Other important modifications include introducing a limited deferral of the taxing point for schemes where there is a 'genuine risk of forfeiture', and introducing an annual reporting requirement. In addition, the government proposes that these new arrangements will apply to shares or rights acquired on or after Wednesday 1 July. Submissions to Treasury are due by Friday 12 June.

CPA Australia welcomes the government's proposed changes to its original planned overhaul of employer share schemes. We will be seeking some additional adjustments to ensure that such schemes continue to remain attractive for employers and employees.

Non-commercial loan rules in Div 7A: Treasury paper released

The Australian Government has released a Treasury discussion paper seeking comments on Federal Budget changes to tighten the non-commercial loan rules in Div 7A of the ITAA 1936. Mr Bowen said the government's announced changes extend the Div 7A rules so that 'payment' includes the use of company assets by a shareholder (or their associate) for free or at less than their market values. The changes include amendments to prevent corporate limited partnerships being used to circumvent the non-commercial loan rules. The measure is proposed to commence on Wednesday 1 July. Mr Bowen said a further round of consultation will occur on the draft legislation. Submissions are due by Friday 3 July.

CPA Australia has some concerns with these proposed changes and welcomes input from members into a proposed submission by Monday 29 June. Comments can be emailed to tax@cpaaustralia.com.au

Henry Tax System Review conference

The Australia's Future Tax System Review Panel has advised it will host a two-day conference in June 2009 on reform of Australia's tax and transfer system.

Approximately 150 people will attend the conference on Thursday 18 and Friday 19 June at the University of Melbourne. This is an invitation-only conference and places are fully booked. However, papers presented at the conference will be published on the Australia's Future Tax System website shortly after the event.

CPA Australia will be represented at this conference and will provide a report to members on the issues arising in due course.

Small Business Advisory Committee

In a recent address to the 2009 National Small Business Summit, Prime Minister Kevin Rudd announced that that the Australian Government will be establishing a Small Business Advisory Committee (SBAC) which will take the form of a panel. The committee will be independent of the government and be comprised of members who have extensive experience with small business.

The government will be calling for expressions of interest from suitably qualified people to be appointed to the SBAC in July, with such appointments to be finalised later in 2009. CPA Australia will be seeking to ensure that it has an appropriate representative on this body.

Small business tax debts: ATO offers help

The ATO has announced new measures to help businesses with an annual turnover of less than $2 million that are struggling to manage their tax debts in the current economic climate. The Commissioner of Taxation has announced that the ATO is offering 12-month GIC-free payment arrangements (until 30 June 2010) and deferring for up to two months the payment date for activity statements.

The Commissioner of Taxation said the ATO does not want the GIC or temporary cash flow problems to be the deciding factors between a business surviving and being able to meet its tax and superannuation obligations or becoming insolvent. He said businesses need to contact the ATO as early as possible on 13 11 42 to discuss their circumstances so it can negotiate a sustainable interest-free payment arrangement.

Upcoming ATO consultations and meetings

• Foreign Source Income Attribution Rules Treasury consultation (Friday 12 June)

• ATO Tax Practitioner Forum (ATPF) Lodgment Working Group meeting (Friday 12 June)

• Superannuation Consultative Committee meeting (Tuesday 16 June)

• NTLG meeting (Wednesday 17 June)

• NTLG GST meeting (Thursday 18 June)

• ATPF Accounting Working Group meeting (Friday 26 June)

• National Tax Liaison Group Foreign Source Income meeting (Wednesday 8 July)

Member enquiries or issues for these meetings should be sent to tax@cpaaustralia.com.au

Deadline looming for 30 per cent tax break: ATO

The ATO has reminded taxpayers of the looming deadline concerning the Australian Government's business tax break. Businesses with an annual turnover of $2 million or more are eligible for an additional 30 per cent tax deduction if they purchase or order new tangible depreciating assets between 13 December 2008 and 30 June 2009 and use them or install them ready for use on or before 30 June 2010. 

The ATO has also released information for small businesses (business with an annual turnover of less than $2 million for the current and / or the previous income year). The ATO says small businesses may be eligible for an additional tax deduction of 50 per cent of the cost of eligible depreciating assets purchased between 13 December 2008 and 31 December 2009.

GIC arrangements for unlodged 2007 – 2008 company and super tax returns: ATO

On 18 February 2009, the Commissioner of Taxation announced a general lodgment and payment deferral for all unlodged 2007 – 2008 company, trust, partnership and superannuation fund returns to 5 June 2009. Following this, on 5 May 2009, the ATO issued a broadcast, clarifying that 2008 company and superannuation fund returns due on 15 May 2009 and lodged on or after 16 February would have a lodgment and payment due date of 5 June 2009. Those company and superannuation fund income tax returns lodged prior to 16 February 2009 would continue to have a payment date of 15 May 2009, as per the Lodgment Program 2008 – 2009.

The ATO has now announced that, due to the short timeframes associated with the announcement and the delays in sending lodgment and payment reminder letters, which would have provided the correct date for payment, it will not impose GIC on any 2008 income tax return liability outstanding between 15 May and 5 June 2009. However, the ATO said GIC will be applied to any 2008 liability that remains unpaid after 5 June 2009.

Inflated insurance premiums paid to related parties: ATO alert

The ATO has released Taxpayer Alert 2009/15 warning businesses to be wary of arrangements that attempt to claim inflated deductions for uncommercial insurance expenses. The alert describes an arrangement involving payments of amounts described as insurance premiums which are excessive by reference to the coverage provided and feature no significant transfer of insurance risk.

According to the ATO, the dominant purpose of the arrangement appears to be an artificial and contrived attempt to convert a financial investment in a related tax haven entity into the form of a tax deductible insurance premium.

Tax refund email scam: ATO issues warning

The ATO has warned taxpayers to be wary of fraudulent emails being circulated that claim to offer a refund from the ATO. The email uses the ATO logo, features the words 'Tax refund online!' in the subject heading or similar, asks people to click on a link which directs them to a bogus ATO website and asks for credit card and personal details. The Commissioner of Taxation said anyone who receives the email should delete it immediately.

ATO at Senate estimates hearings

The Senate Economics Legislation Committee recently held estimates hearings. The transcript of the hearing on 2 June 2009 (PDF – 1 MB) involving, among others, the ATO, has been released. Issues discussed included: CGT, GST, FBT, Div 7A, tax bonus payments, tax deferral, employee share schemes, offshore arrangements, managed investments, super co-contribution and super guarantee compliance.

ATO PAYG Withholding schedules

The ATO has released the following PAYG Withholding schedules for payments made on or after 1 July 2009:

• Schedule 1 — statement of formulas for calculating amounts to be withheld (PDF – 299 KB)
  
  

• Schedule 2 — weekly tax table incorporating Medicare levy with and without leave loading (PDF – 290)
  
  

• Schedule 3 — fortnightly tax table incorporating Medicare levy with and without leave loading (PDF – 298)
  
  

• Schedule 4 — monthly tax table incorporating Medicare levy with and without leave loading (PDF – 294 KB)
  
  

• Schedule 5 — weekly tax table with no and half Medicare levy including weekly table for Medicare levy adjustment — half levy (PDF – 298 KB)
  
  

• Schedule 6 — Medicare levy adjustment weekly tax table (PDF – 102 KB)
  
  

• Schedule 7 — Medicare levy adjustment fortnightly tax table (PDF – 102 KB)
  
  

• Schedule 8 — Medicare levy adjustment monthly tax table (PDF – 103 KB)
  
  

• Schedule 9 — special tax table for actors, variety artists and other entertainers (PDF – 190 KB)
  
  

• Schedule 10 — special daily rates tax table incorporating Medicare levy including statement of formulas (PDF – 106 KB)
  
  

• Schedule 11 — HELP weekly tax table including statement of formulas (PDF – 102 KB)
  
  

• Schedule 12 — HELP fortnightly tax table including statement of formulas (PDF – 182 KB)
  
  

• Schedule 13 — HELP monthly tax table including statement of formulas (PDF – 107 KB)
  
  

• Schedule 14 — statement of formulas for calculating HELP component including coefficients for calculating weekly withholding amounts incorporating HELP component (PDF – 113 KB)
  
  

• Schedule 15 — statement of formulas for calculating withholding amounts for members of the defence force (PDF – 315 KB)
  
  

• Schedule 16 — statement of formulas for calculating SFSS component including coefficients for calculating weekly withholding amounts incorporating SFSS component (PDF – 110 KB)
  
  

• Schedule 17 — SFSS weekly tax table including statement of formulas (PDF – 101 KB)
  
  

• Schedule 18 — SFSS fortnightly tax table including statement of formulas (PDF – 173 KB)
  
  

• Schedule 19 — SFSS monthly tax table including statement of formulas (PDF – 173 KB)
  
  

• Schedule 20 — quarterly tax table incorporating Medicare levy with and without leave loading (PDF – 295 KB)
  
  

• Schedule 21 — coefficients for calculating weekly withholding amounts incorporating SFSS component and HELP component (PDF – 216 KB)
  
  

• Schedule 22 — special tax table for aged pensioners and low income aged persons (senior Australians) (PDF – 117KB)
  
  

• Schedule 28 — tax table for unused leave payments on termination of employment (PDF – 98KB)
  
  

• Schedule 31 — tax table for annuities (PDF – 90 KB)
  
  

• Schedule 32 — tax table for employment termination payments (PDF – 121KB)
  
  

• Schedule 33 — tax table for superannuation lump sums (PDF – 95 KB)

ATO IDs: two new; one withdrawn

The ATO has released the following IDs:

• ATO ID 2009/38: WET: cider manufacture
  
  

• ATO ID 2009/39: capital allowances: business related costs — capital expenditure

The ATO has withdrawn the following ID:

• ATO ID 2009/14: WET: cider manufacture — the combining of apple juice condensate, apple juice concentrate and water to produced apple juice for fermentation

ATO website updates

From the ATO website:

• Lodgment program 2008 – 2009 — details of the program — updated June 2009
  
  

• Foreign source income anti-tax-deferral (attribution) regimes review — in the 2009 Budget, the Australian Government announced that it will implement most of the recommendations of the Board of Taxation's review of Australia's attribution regime
  
  

• Thin capitalisation: changes to the regime for approved authorised deposit taking institutions — in the 2009 Budget, the Australian Government announced changes to the thin capitalisation regime for approved ADIs, with effect from 1 January 2009
  
  

• Changes to taxation of special disability trusts — in the 2009 Budget, the Government announced that it will ensure that the unexpended income of a special disability trust is taxed at the beneficiary's personal income tax rates rather than the top personal tax rate plus Medicare levy, with effect from the 2008 – 2009 income year
  
  

• Minor amendments to taxation laws — exposure draft legislation — the ATO has advised that the Australian Government has released exposure draft legislation comprising a series of minor technical amendments and corrections to tax laws
  
  

• Workforce education news: issue 8 — covers a range of topics affecting employers and professional associations, and their employees and members, including tax time information
  
  

• Employer essentials — contains a tax and superannuation checklist for each stage of employing people, and links to tools such as the tax withheld calculator, tax tables and forms and instructions

Foreign exchange rates for May 2009

The ATO has released the average foreign exchange rates for May 2009. Rates for selected countries include: Europe - 0.5698; Hong Kong — 5.9829; Japan — 75.3781; New Zealand — 1.2923; UK — 0.5056; US — 0.7766.

Resumption of debate on Bills in Federal Parliament

The House of Representatives plans to resume debate on the Tax Laws Amendment (Political Contributions and Gifts) Bill 2008 on Wednesday 17 June. It will consider the Senate's amendments to maintain deductibility for gifts made by individuals only.

The Senate plans to resume debate on the following Bills next week:

• Monday 15 June — Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2009
  
  

• Thursday 18 June — Tax Laws Amendment (2009 Measures No 2) Bill 2009; Tax Laws Amendment (2009 Measures No 3) Bill 2009

Carbon Scheme Bills pass the Reps: some amended

The Carbon Pollution Reduction Scheme Bill 2009 has been passed by the House of Representatives with 144 government amendments. The amendments are to the reforestation provisions and certain other technical amendments.

The Carbon Pollution Reduction Scheme (Consequential Amendments) Bill 2009 has also been passed by the Reps but with two Government amendments relating to mandatory audit of emissions reports and records before the report is lodged with the Australian Climate Change Regulatory Authority. Among other things, this Bill clarifies the income tax and GST treatment of emissions units.

The Carbon Pollution Reduction Scheme Amendment (Household Assistance) Bill 2009 (which provides upfront support to low and middle-income households from 2011 - 2012 through a package of direct cash assistance and tax offsets) and other carbon scheme Bills all passed the House of Representatives without amendment.

The whole package of 11 Bills now moves to the Senate.

Super pension drawdown relief extended: Regs amended

The Superannuation Industry (Supervision) Amendment Regulations 2009 (No 4) were registered to give effect to the Government's 2009-10 Budget announcement to extend to 2009 - 2010 its decision to halve the minimum annual payment amounts for account-based pensions and annuities for 2008 - 2009. The reduction in the minimum payment amounts for 2009 - 2010 applies to account-based annuities and pensions, allocated annuities and pensions, and market-linked annuities and pensions.

The Retirement Savings Accounts (RSAs) Amendment Regulations 2009 (No 3) were also registered to implement similar amendments in respect of pensions and annuities paid from RSAs.

SMSFs using related party agreements and circumvention of in-house asset rules: ATO alert

The ATO has released Taxpayer Alert 2009/16 which describes an arrangement where a self-managed superannuation fund (SMSF) enters into an agreement (sometimes referred to as a joint venture agreement) with a related trust to acquire assets such as rental property in order to obtain certain taxation and superannuation benefits. The ATO said it is concerned that such an arrangement may breach the superannuation in-house asset rules.

ATO website updates on superannuation

From the ATO website:

• Using negotiable instruments to make a benefit or contribution — the ATO says SMSF trustees need to be cautious of arrangements involving the non-commercial use of negotiable instruments, such as promissory notes, to gain certain income tax and super benefits

The following rulings were released by the ATO on 10 June:

• PR 2009/40: Film Investment — 'Hell for Leather'
  
  

• PR 2009/41: Film Investment — 'Show Ring'
  
  

• PR 2009/42: 2009 AIL Red Ironbark Project
  
  

• CR 2009/30: Allco Equity Partners Limited: proposed return of capital

Taxable income of trust exceeded accounting income

In Bamford & Ors v FCT, the Full Federal Court confirmed that it is correct to apply the 'proportionate view' where the net income of a trust for tax purposes exceeds its accounting income and that a capital gain distributed as trust income should be treated as income for tax purposes.

The Full Federal Court unanimously upheld the AAT's decision to apply the 'proportionate view' rather than the 'quantum view'. Another issue for determination was whether a capital gain made by the trust, which the trustee had resolved (in accordance with the trust deed) to distribute as income, was trust income for tax purposes. The Full Federal Court decided that it was (the AAT had decided otherwise).

Commissioner obtains order to freeze assets

In FCT v Edgewater Estates Ltd & Ors, the Federal Court made orders to freeze assets of several companies which the Commissioner alleged were engaged in share trading activities in Australia without declaring any income from those activities. In granting the Commissioner's request, the Court found that the Commissioner had raised a good arguable case that, by virtue of the issued assessments, his claims were in relation to debts that were 'due, owing and payable' and that the claims were 'justiciable in the Court'.

GST: tax invoice and breach of contract

In HG & R Securities Pty Limited v Sayer, the New South Wales Supreme Court affirmed that the failure by the plaintiff to provide a tax invoice for GST purposes did not amount to an antecedent breach of a contract.

Appeals update

The taxpayer has sought an extension of time to lodge an appeal to the Full Federal Court against the decision of Mansfield J in Watson v DCT [2008] FCA 1173. The Federal Court had affirmed the Commissioner's decision to exclude income protection insurance payments from the assessable income of a taxpayer's financial planning business, thereby deferring business losses. However, it held the payments were to be included in the taxpayer's individual assessable income for the year ended 30 June 2004.

Queensland new online lodgment system arriving soon

The Queensland Office of State Revenue (OSR) has announced that in early July 2009 it will launch its new online lodgment system known as OSRconnect. The system will allow for online registration for new taxpayers, online self assessment, eLodgment, ePayment and eLearning.

Queensland: Revenue and Other Legislation Amendment introduced

The Revenue and Other Legislation Amendment Bill 2009 (Qld) has been introduced into the Queensland Legislative Assembly and proposes to amend the following Queensland Acts:

• Land Tax Act 2001, the Pay-roll Tax Act 1971, the Duties Act 2001, the First Home Owner Grant Act 2000 and the Taxation Administration Act 2001 and relevant regulations to support improved revenue administration, including by applying the Taxation Administration Act 2001 to land tax administration and facilitating the implementation of Release 3 of the Revenue Management System being developed by the Queensland Office of State Revenue
  
  

• Land Tax Act 1915 to remove the prohibition on landlords passing on land tax directly to tenants

WA Government announces transfer duty changes to benefit home buyers

The Western Australia Government has announced a series of proposed changes allowing home buyers to pay transfer duty as part of the settlement process. Western Australia Treasurer Troy Buswell said the proposed changes are 'multi-faceted, involving legislative change, significant computer system enhancements and the use of the Office of State Revenue's electronic assessment system by settlement agents'. Legislation is expected to be introduced in the second half of 2009. It is also proposed that the computer system developments would be completed in time for the new arrangements to commence by the start of the 2010 - 2011 financial year.

South Australia Budget 2009 - 2010

The 2009 - 2010 South Australia Budget was handed down on 4 June 2009 by the SA Treasurer. Mr Foley said the Budget did not contain any new taxes. Further, he confirmed payroll tax reductions announced in the 2008 - 2009 Budget will take effect from 1 July 2009 as scheduled. The payroll tax rate will be reduced to 4.95 per cent and the payroll tax threshold will increase to $600,000.

In relation to land tax, the South Australia Treasurer said that, from 1 July 2009, the Budget will provide land tax relief for land that is used for residential aged care facilities approved under the Commonwealth Aged Care Act.

South Australia: payroll tax; stamp duties — Bills receive Assent

The following South Australia Bills have received Assent on 4 June 2009:

• Payroll Tax Bill 2009 — as Act No 22 of 2009
  
  

• Stamp Duties (Tax Reform) Amendment Bill 2009 — as Act No 24 of 2009

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More training and events

For information on other CPA CPD activities being held throughout Australia visit the Training & Events section of the CPA Australia website and use the search facility. To register, click on the activity you wish to attend and follow the prompts.

Work related expenses DVD

This DVD considers the taxation treatment and substantiation requirements for certain work-related expenses.

Reserve a copy from CPA Library.

Australian Financial Review

'Super returns worst on record' (Prediction of falls to be reported by super funds this year) AFR [p 1], Wed 10.6.2009

'More doubts on share schemes' (Business urges further changes to the tax measures surrounding employee share schemes) AFR [p 7], Wed 10.6.2009

'Changes hit minnows too' (Report of a purported tax trap for smaller listed companies with employee share schemes) AFR [p 7], Wed 10.6.2009

'Jail corporate crooks: prosecutor' (Report that the Director of the Commonwealth DPP believes the Government should review the maximum penalties for white-collar crime; he says the most complex prosecution work comes from ASIC, the ACCC and the ATO) AFR [p 12], Wed 10.6.2009

'ATO warns borrowers to beware' (Tax Office draft super ruling on super contributions may present problems for SMSF trustees giving personal guarantees to commercial lenders) AFR [p 32], Wed 10.6.2009

'Clock is ticking on ways to save cash' (Last-minute year end tax planning) AFR [p 2, Special Report], Wed 10.6.2009

'Shifting landscape hampers push for change' (The effect of the Henry review and other possible tax and super changes) AFR [p 4, Special Report], Wed 10.6.2009

'Solid schemes poised to be the cream of newly clipped crop' (Investing in agribusiness MIS) AFR [p 4, Special Report], Wed 10.6.2009

'Timing the key to make most of deductions' (Year end tax planning: bring forward deductions, defer income, prepay expenses) AFR [p 5, Special Report], Wed 10.6.2009

'Watch out for shrinking entitlements' (Superannuation planning before 30 June) AFR [p 6, Special Report], Wed 10.6.2009

'Rules change quickly - take advantage now' (Superannuation planning for those over 50) AFR [p 7, Special Report], Wed 10.6.2009

'Set your strategy to net a satisfying super advantage' (Superannuation planning: using franking rules and choosing the right funds) AFR [p 8, Special Report], Wed 10.6.2009

'WA weighs up $1.3bn revenue grab' (Report that the WA Government will scrutinise a mining joint venture to see if it triggers a $1bn stamp duty bill) AFR [p 48], Wed 10.6.2009

'Annuity debate hots up' (Push for annuity products versus taking a longer term view and waiting for market rebound) AFR [p 53], Wed 10.6.2009

'Treasury is the real winner in Rudd's reshuffle' (Report that new Financial Services and Superannuation Minister is elevated to Cabinet) AFR [p 1], Tue 9.6.2009  

'WA calls on Henry to review GST' (Report that the WA Government has called for an overhaul of the GST system) AFR [p 5], Tue 9.6.2009

'Bligh urged not to alter tax thresholds' (Industry group warns Qld Govt not to move tax thresholds to claw back lost revenue) AFR [p 5], Tue 9.6.2009

'Swan's quick fix on share schemes comes up short' (Comment that latest share scheme changes just add more complexity) AFR [p 9], Tue 9.6.2009

'Industry draws up shopping list' (Report that the Government will be pressed for further changes re its employee share scheme measures) AFR [p 9], Tue 9.6.2009

'Industry warns of threat to super incomes' (ASFA agrees with the ACTU call for compulsory super to be increased to 15 per cent) AFR [p 50], Tue 9.6.2009

'More funds likely to merge' (Claim that more super funds are likely to merge to lower costs and achieve better performance) AFR [p 51], Tue 9.6.2009

'Exit statements waiver welcomed' (Super funds expect to save money by not having to issue exit statements to former temporary residents) AFR [p 51], Tue 9.6.2009

'Be in the right group for this tax break' (Eligibility issues re the temporary investment allowance) AFR [p 53], Tue 9.6.2009

'ALP gives ground on share schemes' (Government makes changes to its Budget announcement on employee share schemes) AFR [p 2], 6-7 June 2009

'Onus on employers to get it right' (Comment on the Government's changes to its Budget announcement on employee share schemes) AFR [p 6], 6-7 June 2009

'Kennedy settles with Tax Office' (Report that a taxpayer settles a tax dispute with the Tax Office) AFR [p 9], 6-7 June 2009

'Working on your pension' (Claim that retirees should be assessing their situation to find out if they are eligible for a part Age Pension) AFR [p 37], 6-7 June 2009

'Wise move to go back to the office' (Article on the benefits of going back to work at pension age, eg increase Age Pension entitlement, put more into super) AFR [p 38], 6-7 June 2009

'A punt to stay afloat' (Asset allocations for retirees) AFR [p 39], 6-7 June 2009

'Commandments for a long-term strategy' (A checklist for superannuation system policymakers) AFR [p 41], 6-7 June 2009

'Super changes work only for those who start young' (Comment on the Harmer retirement income review) AFR [p 41], 6-7 June 2009

'Opportunity beckons SME sellers' (Super contributions associated with the sale of a small business, and the CGT concessions available) AFR [p 43], 6-7 June 2009

'Share scheme fix to raise threshold' (Report that the Government will raise the tax-free threshold on employee share schemes to more than $100,000, but claims this change is not enough) AFR [p 3], Fri 5.6.2009  

'Funds set for wider scrutiny' (Superannuation Minister will push to fast-track a review of super data) AFR [p 5], Fri 5.6.2009

'Deficit blows out to $304m' (2009 SA Budget - no tax relief, but promised payroll tax cuts stay) AFR [p 12], Fri 5.6.2009  

'Speed up tax cuts: business' (Business calls on NSW Government to fast-track promised payroll tax cuts) AFR [p 14], Fri 5.6.2009

'Trusts left in limbo' (Full Federal Court decision in Bamford trust distribution case fails to clarify law) AFR [p 5], Thur 4.6.2009  

'Tough decisions keep payroll tax low' (Report that Qld Premier says she cannot afford to cut payroll tax in the coming Qld Budget) AFR [p 7], Thur 4.6.2009

'Concerns were logged a long time ago' (Opinion on managed investment schemes) AFR [p 59], Thur 4.6.2009

The Australian

'Sights set on finance advisers' (Report that the new Financial Services Minister has set his sights on financial advisers' commissions) AUSTRALIAN [p 5], Wed 10.6.2009

'Tax the wealthy and turn us into a nation of paupers' (Opinion re moral arguments to tax the rich) AUSTRALIAN [p 14], Wed 10.6.2009

'Super policy must foster self-reliance' (Opinion re super policy and the need to create self-reliance in retirement) AUSTRALIAN [p 15], Wed 10.6.2009

'Smart gearing will help cover your assets' (Article on gearing in super funds and bare trusts - but warning on CGT and stamp duty implications on transferring assets) AUSTRALIAN [Wealth, p 8], Wed 10.6.2009

'Fixing those share schemes' (Opinion re Government's employee share schemes options paper) AUSTRALIAN [p 25], Mon 8.6.2009

'Share crash forces super reform' (Report that the Henry tax review will look at reducing the heavy dependence of retirees on the sharemarket) AUSTRALIAN [p 1], Tue 9.6.2009

'Barnett issues royalties warning' (Report that the Henry tax review is examining whether State mining royalties should be replaced with a federal tax) AUSTRALIAN [p 2], Tue 9.6.2009

'Kennedy settles $6.9m ATO bill' (Report that a taxpayer has settled with the Tax Office over a long-running dispute re tax assessments resulting from the sale of shares) AUSTRALIAN [p 3], Fri 5.6.2009

'Lack of land tax relief lets business groups down' (Report of business response to SA Budget re no land tax relief or payroll tax relief for businesses) AUSTRALIAN [p 6], Fri 5.6.2009

'ATO makes more from share sales' (According to a paper, employee share schemes are a major revenue source for the Government) AUSTRALIAN [p 21], Fri 5.6.2009

'Simple steps to fix share scheme failings' (Opinion on potential policy designs of the tax treatment of employee share schemes) AUSTRALIAN [p 23], Fri 5.6.2009

'ATO struggle to find and freeze a maze of missing money' (Report of the Tax Office's investigations re Vanuatu accounting firm and alleged money laundering) AUSTRALIAN [p 30], Fri 5.6.2009

'Young lawyers, students slam overseas tax change' (Opinion that tax changes to overseas workers will limit international career options for young lawyers and law students) AUSTRALIAN [p 31], Fri 5.6.2009

'Overseas tax to be company minefield' (Report that tax experts have urged the Senate to make changes to the Government's changes to the tax treatment of overseas workers) AUSTRALIAN [p 20] Thur 4.6.2009

'Share schemes to stay in limbo' (Report that the Assistant Treasurer is expected to release an options paper regarding proposed tax changes to employee share schemes) AUSTRALIAN [p 23] Thur 4.6.2009

'Court hands trusts a boost' (Report of a Full Federal Court decision re calculating income of a trust) AUSTRALIAN [p 23] Thur 4.6.2009

CPA Australia seeks your input on issues it should take up on the members' behalf. If you would like to contact us please email us at tax@cpaaustralia.com.au.

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