Tax (Budget Measures No 1) Bill introduced

The Tax Laws Amendment (2009 Budget Measures No 1) Bill 2009 has been introduced in the House of Representatives and implements several measures announced in the 2009 – 2010 Australian Federal Budget. These include:

• reducing the concessional superannuation contributions caps
  
  

• temporarily reducing the matching rate and maximum co-contribution
  
  

• amending s 23AG of the ITAA 1936 to limit its scope to foreign employment income

Tax Break Bill receives Royal Assent

The Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 — Act No 31 of 2009 received Royal Assent on Friday 22 May.

For further information about the tax break read Temporary investment allowance: ATO below.

Reminder to lodge tax returns for family tax benefit

The Australian Government has reminded taxpayers who receive the family tax benefit (FTB) and have not lodged their 2007 – 2008 tax returns to lodge now to avoid unnecessary debts. The Family Assistance Office is writing to 280,000 families to remind them to lodge their tax return before Tuesday 30 June.

Where families fail to lodge tax returns or inform the Family Assistance Office they aren't required to lodge a return, they will be required to repay all the FTB they have received.

Revised DTA with France about to enter into force

Treasury has advised that the revised double tax agreement (DTA) between Australia and France, which was signed in 2006, will enter into force on 1 June 2009. The revised DTA was contained in the International Tax Agreements Amendment Act (No 1) 2007. Upon its entry into force, the agreement will have effect in Australia as follows:

• for withholding taxes on income derived on or after 1 January 2010
  
  

• for other Australian taxes on income, profits or gains, entry into force is 1 July 2010

Upcoming ATO consultations and meetings

• ATO Primary Production Industry Forum meeting (Thursday 28 May)

• Tax Board feedback meeting on off-market share buy-backs (Thursday 28 May)

• ATO Tax Practitioner Forum (ATPF) Active Compliance Working Group meeting (Thursday 4 June)

• National Tax Liaision Group (NTLG) CGT & Losses meeting (Wednesday 10 June)

• 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 External Members' Agenda Setting meeting (Tuesday 23 June)

• ATPF Accounting Working Group meeting (Friday 26 June)

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

ATO focuses on inappropriate loss schemes

The Commissioner of Taxation has released three Taxpayer Alerts warning people the ATO is closely reviewing arrangements that attempt to falsely generate claims for inappropriate tax losses. The Taxpayer Alerts are as follows:

• Taxpayer Alert 2009/12: re-characterising capital losses as revenue losses — relating to attempts to claim losses as share traders on revenue account where previously they claimed to be long-term investors eligible for the CGT 50 per cent discount.
  
  

• Taxpayer Alert 2009/13: MIS: purported partnership participation — relating to attempts by promoters to sell interests in managed investment schemes (MIS) on the basis that investors will be 'partners' in a partnership and will be able to claim upfront deductions for their interests in the MIS.
  
  

• Taxpayer Alert 2009/14: CGT consequences of assignment of default beneficiary's capital interest — relating to attempts to create or claim a capital loss arising from the artificial receipt and surrender of an interest in a discretionary trust as a default beneficiary.

Employee share scheme tax changes: consultation process

The Australian Government has outlined the key principles that will underpin its consultation process on the 2009 – 2010 Federal Budget measure that deals with the taxation arrangements surrounding employee share schemes. The assistant treasurer noted concerns expressed that the $60,000 income cap for access to the $1000 tax exemption is too low. Concerns have also been expressed about the removal of the tax deferral option for higher value schemes.

Given the concerns, Mr Bowen said the government will fast-track the consultation process, beginning with the release of a policy options paper (expected to be released later this month). The consultation process will seek submissions on concerns with both the existing and announced arrangements, and on proposed alternative solutions to address the identified problems.

Commissioner of Taxation's powers of general administration: ATO Practice Statement

The ATO has released Practice Statement Law Administration PS LA 2009/4 which explains the process for escalating a proposal that would require the exercise of the Commissioner of Taxation's powers of general administration.

Overdue tax returns: ATO to issue letters to taxpayers

The ATO has advised that it has sent letters to 6000 taxpayers requesting lodgment of overdue income tax returns by Monday 6 July. The letter advises that if overdue returns are not lodged by that date, the ATO will issue an assessment under s 167 of the ITAA 1936 based on income information obtained from its systems.

The Commissioner of Taxation said that if tax agents receive any of these letters, they should take immediate steps to bring their clients' lodgments up to date by Monday 6 July. The ATO asks that if tax agents no longer act for clients, they advise the ATO, provide the ATO with the clients' most recent contact details and forward the letter to the client where possible.

Tax confidentiality draft Bill: Privacy Commissioner's submission

The Federal Privacy Commissioner has released her submission to Treasury on the Exposure Draft — Tax Laws Amendment (Confidentiality of Taxpayer Information) Bill 2009 (PDF – 205 KB). The Commissioner said her office supports the consolidation and standardisation of existing taxation secrecy provisions in the exposure draft Bill. However, the office recommended a number of changes.

ATO looking at tax losses

In a recent speech, the Commissioner of Taxation spoke about the challenges faced by the ATO in the current difficult environment. Given the economic downturn, the Commissioner of Taxation said the ATO will be focusing on reported tax losses, the transfer of losses and also the use of prior year tax losses in 2009 – 2010. He noted that ATO reviews and audits of micro, small to medium and large businesses, with carried forward tax losses, had shown there are 'some continuing risks, highlighted now by the global economic downturn'.

Other topics discussed by the Commissioner of Taxation include: phoenix arrangements, Project Wickenby and employer obligations regarding superannuation.

Large business tax compliance issues: ATO speech

In a recent speech, ATO Deputy Commissioner of Taxation, large business and international (case leadership), Jim Killaly, outlined the ATO's current approaches to large business tax compliance issues.

Mr Killaly said the ATO has increased its risk assessment focus on this segment, including through the 'book-to-tax' project. He said an area of concern for the ATO is where a particular adviser or large business has a significant appetite for risk, and is prepared to adopt a tax planning mindset that runs counter to the policy purpose and language of the tax laws.

Temporary investment allowance: ATO

The ATO has released information on the small business and general business tax break. The legislation for that deduction is now law. A new tax return label called 'Small Business and General Business Tax Break' will be available in return forms relating to the 2009 and later relevant years.

Further information is available by calling the ATO's business tax break infoline on 1300 337 921. Tax agents should call 13 72 86.

Word Investments case: Decision Impact Statement released

The ATO has released a Decision Impact Statement on the High Court decision in FCT v Word Investments Ltd (2008) 70 ATR 225. In that decision, the majority of the High Court held that a company that had been established for Christian evangelical purposes was entitled to be endorsed as an exempt charitable institution, despite the fact that it generated funds for those purposes from ordinary commercial and business activities.

The ATO said the High Court decision would be considered in determining the status of any entity claiming exemption as a charitable, religious, scientific or public educational institution. However, it noted that the outcome in each case would depend on an examination of the objects of each entity and the effectuation of those objects in the activities of the entity.

Charitable institution case: Decision Impact Statement released

The ATO has released a Decision Impact Statement on the Federal Court decision in Victorian Women Lawyers' Association Inc v FCT (2008) 70 ATR 138. In that decision, the Federal Court held the Victorian Women Lawyers' Association (VWLA) was qualified as a charitable institution for the purposes of income tax exemption.

The ATO said it was open to the court to make a finding of fact on the evidence that the association was established for purposes beneficial to the public, taking into account the VWLA's objects and activities. The ATO said the decision in the case will be considered in determining the status of other similar organisations claiming exemption as a charitable institution.

Alcoa of Australia Ltd case: Decision Impact Statement released

The ATO has released a Decision Impact Statement on the AAT decision in AAT Case [2008] AATA 1128, Re Alcoa of Australia Ltd and FCT. There, the AAT allowed the taxpayer's application from an adverse private ruling and found that it was entitled to a deduction for repairs under s 25-10 of the ITAA 1997 in relation to works it carried out on a 'bake furnace' used in its aluminium smelter operations. The ATO says the decision was open to the tribunal on the particular facts in this case and does not have any significant implications for other cases.

Asciano Services Pty Ltd case: Decision Impact Statement released

The ATO has released a Decision Impact Statement on the Full Federal Court decision in Asciano Services Pty Ltd v FCT [2009] FCAFC 28. The Full Federal Court had dismissed the taxpayer's appeal and confirmed that it was not entitled to energy grant credits under s 53 of the Energy Grants (Credits) Scheme Act 2003 as the credits were limited to purchases of off-road diesel fuel that were for 'on-rail' uses only.

The ATO says the decision confirms the Commissioner of Taxation's view that off-rail activities do not qualify as eligible activities under s 38 of the Act and therefore there is no entitlement to an off-road credit under the EGCS.

Three new ATO IDs

The ATO has released the following ATO IDs:

• ATO ID 2009/35: capital allowances: project pools — project amount — ornamental trees or shrubs
  
  

• ATO ID 2009/36: capital allowances: business related costs — limitation of deduction — in relation to a lease or other legal or equitable right
  
  

• ATO ID 2009/37: capital allowances: business related costs — limitation of deduction — forms part of the cost of land

ATO website updates

From the ATO website:

• Lodgment deferral options for non-individual returns due 5 June 2009 — broadcast sent on Tuesday 19 May alerting tax agents of the procedures to follow if they require additional time to lodge non-individual returns that the Commissioner of Taxation had previously deferred to Friday 5 June
  
  

• TaxPack 2009 — the ATO's tax time publications will be available from Wednesday 1 July
  
  

• Small business and general business tax break guide and overview — the ATO has released information explaining the tax break
  
  

• Tax Laws Amendment (2009 Measures No 1) Bill 2009: reforms to income tests — the ATO has reminded taxpayers that the new laws apply from 1 July 2009 and will result in changes to income tests used by the ATO and other government agencies
  
  

• NTLG FBT sub-committee minutes of meeting held on 26 February 2009 — issues discussed include: disaster relief appeals, and fringe benefits tax lodgment — concessions for practitioners 2009
  
  

• The BAS Service provider — edition 25 May 2009 — includes information about the SBR conferences, employer update seminars and preventing identity crime
  
  

• ATO industry benchmarks — the ATO has released benchmarks and examples for blocklaying and tiling
  
  

• Capital allowances: effective life review of fruit juice and fruit juice drink manufacturing assets — the ATO expects its review of these assets to be completed within 12 months, with new effective life determinations applying from 1 July 2010
  
  

• Research & development tax credit (offset) — information on the Australian Government's Federal Budget 2009 – 2010 announcement that it will replace the existing R&D tax concession with a simplified R&D tax credit (offset) starting from the 2010 – 2011 income year
  
  

• Non-profit news service No 0240 — 2009 – 2010 Federal Budget: measures relevant to non-profit organisations
  
  

• The ATO has updated its Public Rulings Program to be current as at 14 May 2009 (it also includes withdrawn ruling topics)
  
  

• ATO communications online survey 2009 — the ATO will conduct a survey to obtain tax agent feedback on ATO communication products
  
  

• Online security — the ATO has updated important information about the latest ATO related scams

Private health insurance Bills introduced

A package of three Bills has been introduced in the House of Representatives to give effect to 2009 – 2010 Federal Budget changes concerning the private health insurance rebate and consequential Medicare Levy Surcharge changes. The Bills are:

• Fairer Private Health Insurance Incentives Bill 2009
  
  

• Fairer Private Health Insurance Incentives (Medicare Levy Surcharge) Bill 2009
  
  

• Fairer Private Health Insurance Incentives (Medicare Levy Surcharge — Fringe Benefits) Bill 2009

New tax withholding schedules to apply from 1 July 2009

The Taxation Administration Act 1953 — Withholding Schedules 2009 were registered. The schedules specify the amounts, formulas and procedures to be used to work out the amounts required to be withheld. The instrument applies from 1 July 2009.

Review unpaid trust distributions before 30 June: ATO

The ATO has issued a reminder to self-managed super fund (SMSF) trustees regarding the transitional in-house asset rules ending on 30 June 2009 that apply to certain assets owned before 11 August 1999. It says it is possible that a self-managed superannuation fund (SMSF) that held units in a related unit trust on or before 11 August 1999 may have accumulated unpaid trust distributions that have not yet been paid or reinvested back into the trust. The ATO says SMSFs may need to take steps to prepare for the end of the transitional period and to consider any unpaid trust distributions that the SMSF may have accumulated.

Major changes to super and ADF financial statements: AASB

The AASB has released Exposure Draft ED 179 (PDF – 908 KB) which proposes that a superannuation plan or approved deposit fund (ADF) prepare financial statements in accordance with other applicable Australian Accounting Standards unless otherwise specified. The Board says the ED aims to provide improved comparability of financial statements and more detailed disclosures regarding member benefits.

Comments are due by Wednesday 30 September and can be email to the AASB at standard@aasb.gov.au

Superannuation statistics and publications: APRA discussion paper

APRA has released a discussion paper to facilitate consultation on a range of options for developing improved superannuation statistics collections and reports. APRA Deputy Chairman, Ross Jones, said substantial changes within the superannuation industry over recent years are driving the need for revised statistical collection and reporting. He said a number of industry participants have recently called for greater detail and granularity in APRA's superannuation statistics and reports.

Comments are due by Monday 22 June and can be emailed to APRA at superstats@apra.gov.au

Future of financial advice: Minister

The Minister for Superannuation and Corporate Law, Senator Nick Sherry, has indicated that he would like to see the superannuation system move towards a more sustainable remuneration model for advisers. In a recent address, Senator Sherry said he has been concerned for some time with the level of account fees and charges.

Another way to improve the efficiency of the super system is by providing safe, high-quality default mechanisms for people who fail to make active, informed choices, he said.

The following rulings were released by the ATO on 27 May:

• PR 2009/38: tax consequences of investing in equities using the Macquarie Geared Equities Investment plus
  
  

• CR 2009/27: payments under the Western Hardwoods Displaced Workers Assistance Scheme
  
  

• Withdrawal of PR 2008/59: tax consequences of investing in equities using the Macquarie Geared Equities Investment plus (replaced by PR 2009/38)
  
  

• Erratum to an Addendum to TR 2005/1: carrying on business as a professional artist

Deduction for self-education expenses denied

In AAT Case [2009] AATA 377, Re Yan and FCT, the AAT confirmed that a taxpayer was not entitled to a deduction for self-education expenses of $12,000 in relation to the costs of a masters of commerce course and a wealth management course at university. The AAT did so on the basis of finding that the expenditure was incurred primarily for the purposes of qualifying for a new and different income-earning activity and, therefore, it did not have the necessary connection with the taxpayer's current income-earning activity as an accounts manager and personal assistant.

No deduction for loss on disposal of traditional security

In AAT Case [2009] AATA 368, Re WRBD and FCT, the AAT confirmed that a taxpayer was not entitled to a deduction of over $830,000 under s 70B of the ITAA 1936 for the loss on the disposal of a traditional security. This was despite the taxpayer satisfying the requirements for a deduction on the literal wording of the section. However, the AAT found that it was not the intention of Parliament to allow a deduction in the circumstances in which the taxpayer disposed of the securities, namely in an off-market transaction.

FBT: taxpayer fails to prove no private use of car

In AAT Case [2009] AATA 374, Re Jetto Industrial Pty Ltd and FCT, a company has failed to prove that a car was used by its director for business purposes only and therefore it was liable for FBT in respect of a car fringe benefit that was deemed to arise because the car was garaged near the director's residence.

GST and bank deposits: mixed result for taxpayer

In AAT Case [2009] AATA 367, Re Employee Investment Co Pty Ltd and FCT, the AAT upheld the taxpayer's claim that some bank deposits were not subject to GST, but has rejected that claim in relation to other deposits.

NSW stamp duty: change to trustees - Revenue Ruling released

The New South Wales Office of State Revenue (OSR) has released Revenue Ruling DUT 37 (PDF – 52 KB) which specifies the circumstances in which a transfer of dutiable property which is trust property, as a consequence of the retirement of a trustee or the appointment of a new trustee of the trust, will be liable to nominal duty. The Ruling also sets out the information required by the Commissioner when assessing such a transfer. The Ruling took effect on 22 May 2009.

NSW payroll tax: exemption discretion re contractors denied

In Roden Security Services Pty Limited v Chief Comissioner of State Revenue, the New South Wales Administrative Decisions Tribunal affirmed the Commissioner's assessment of payroll tax against a taxpayer for the 2005 to 2007 financial years in respect of amounts paid to two contractors. The taxpayer had sought certain exemptions under the then Payroll Tax Act 1971 (NSW). However, the tribunal held the taxpayer was correctly assessed for payroll tax in the relevant years.

Western Australia: Budget land tax Bill introduced

The Revenue Laws Amendment (Taxation) Bill 2009 (WA) was introduced into the Western Australia Legislative Assembly on 20 May. The Bill proposes to implement the following land tax measures announced in the 2009 – 2010 Western Australian Budget:

• a system of capping growth in individual land values by 50 per cent for the 2009 – 2010 assessment year
  
  

• reintroducing the concession for land developers which allows land tax to be calculated on the lower undeveloped (or 'en globo') value of land holdings, rather than the full subdivided value of lots, for one year after the creation of the lots

Tax and financial planning programs

Year end tax wrap (claim up to 8 CPD hours)

Discover the most contemporary approaches to cost accounting. With a specific focus on transferring knowledge into practice in your workplace, you'll learn to identify, examine and apply cost accounting techniques that support cost management.

Program information — New South Wales, Queensland, South Australia, Victoria, Western Australia

Preparing company tax returns (claim up to 16 CPD hours)

Preparing company tax returns (PDF) Learn how to prepare company tax returns in just two days. Covering all aspects from the fundamental to the more complex, this workshop is presented by practitioners with in-depth knowledge and experience, who will be able to get all your questions answered.

Program information — New South Wales, Victoria

RG 146 Compliance solution (claim up to 40 CPD hours per module upon completion)

Confidently provide personal advice to clients, with skills in financial planning, superannuation, investments and insurance.

Program information — learning manuals

Upcoming events

Public practitioners conference (claim up to 16 CPD hours)

Experience the value of attending this premier event to enhance your skills and keep you at the forefront of key technical developments to drive innovation in your practice.

Program information — New South Wales
Program information — Queensland

Business valuations (claim up to 8 CPD hours)

Calculate the value of your SME using a range of valuation methods and explore factors that impact business value and aspects of business valuations and negotiation.

Program information — New South Wales, Victoria, Western Australia

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.

Small business and general business tax breaks

Small and general business tax breaks are discussed in the May edition of the Sound education in taxation CD. Other topics include: life after trust cloning, latest tax cases and rulings.

Reserve a copy from CPA Library.

Australian Financial Review

'Smart tax guide' (Tax planning issues - tax-effective options after the Budget; prepayments; trusts; share trading; MIS; tax agents; salary packaging; hobby farms; small business issues; DIY super; working from home) AFR [pp S1-S12], Wed 27.5.2009

'Unions push PM on shares' (Growing pressure on the Government to resolve the employee share schemes issue) AFR [p 3], Wed 27.5.2009

'Major financial planner latest to pull pin on MIS' (Report that Professional Investment Services has suspended investments in managed investment schemes) AFR [p 5], Wed 27.5.2009

'Weigh up the cost of protection first' (Do derivatives offer self-managed super funds a way to protect their portfolios?) AFR [p 29], Wed 27.5.2009

'ALP starts share plan overhaul' (Government begins consultations on the tax arrangements concerning employee share schemes) AFR [p 1], Tue 26.5.2009

'Judge named over Wickenby advice' (Report of an ongoing matter concerning Project Wickenby) AFR [p 3], Tue 26.5.2009

'Rethink puts schemes on ice' (Report that many companies have frozen their employee share schemes until the Government clarifies its position) AFR [p 4], Tue 26.5.2009

'How the u-turn was won' (More on the tax treatment of employee share schemes) AFR [p 4], Tue 26.5.2009

'Investors have $3bn worth of questions' (Report on the Timbercorp and Great Southern collapses) AFR [p 8], Tue 26.5.2009

'Tax notice should ring warning bells' (Claim that directors who receive a penalty notice from the Tax office should see it as a major warning) AFR [p 49], Tue 26.5.2009

'Investment allowance not a boon for everyone' (Claim that the new temporary investment allowance may not benefit all small businesses, depending on their tax structure) AFR [p 49], Tue 26.5.2009

'Start anew on botched plan' (AFR editorial: will the Govt's share plan review lead to a genuine fix or a fudge?) AFR [p 62], Tue 26.5.2009

'Rudd orders share schemes review' (Federal Government will fast-track a review of its proposed tax changes re employee share schemes) AFR [p 1], Mon 25.5.2009

'Good move, but change is needed now' (Opinion that the outcome of the review of the share scheme changes need to be announced as soon as possible) AFR [p 4], Mon 25.5.2009

'Year's suspension on the cards due to uncertainty' (Suggestion that share schemes may be suspended for up to a year) AFR [p 5], Mon 25.5.2009

'Parliament ready to wrangle over ETS' (The debate on the Government's carbon pollution reduction scheme is about to start in Parliament) AFR [p 6], Mon 25.5.2009

'Advisers' super windfall' (Article on financial advisers' fees on superannuation) AFR [p 8], Mon 25.5.2009

'After-tax reporting puts funds on the spot' (More pressure on super funds to report after-tax returns) AFR [p 46], Mon 25.5.2009

'Tax reform in an era of red ink' (Opinion that the financial crisis may be used to justify the wrong tax changes) AFR [p 55], Mon 25.5.2009

'Brumby joins backlash over share scheme plan' (Victorian Premier has joined the criticism of the Government's Budget tax changes re employee share schemes) AFR [p 3], 23-24 May 2009

'In start-ups there's often nothing else to give' (More criticism of the Government's Budget tax changes re employee share schemes) AFR [p 3], 23-24 May 2009

'The tree of strife' (Comment on the collapse of managed investment schemes Great Southern and Timbercorp) AFR [p 19], 23-24 May 2009

'The lessons to be learnt from these huge losses' (Investment schemes: Claim that the advisers and the products need to be regulated) AFR [p 20], 23-24 May 2009

'A scheme to share the pain' (Big business, small business and trade unions criticise the Government's Budget tax changes re employee share schemes) AFR [p 22], 23-24 May 2009

'There's more at stake than beating the taxman' (More on the employee share schemes situation) AFR [p 22], 23-24 May 2009

'Tax strategies to soften horror ride' (Tax planning measures this year) AFR [p 37], 23-24 May 2009

'It pays to get advice on how to use losses' (Using losses for tax planning purposes) AFR [p 38], 23-24 May 2009

'Deductions on assets extended' (The 50 per cent temporary investment allowance can be useful) AFR [p 38], 23-24 May 2009

'Avoid sacrificial mistakes' (Super is still tax-effective) AFR [p 38], 23-24 May 2009

'Less taxing ways to make money' (Claim that people can still invest outside super and not pay tax) AFR [p 39], 23-24 May 2009

'Big rush to beat the swan deadline' (Warnings about not exceeding the super contribution limits in the run up to 30 June) AFR [p 40], 23-24 May 2009

'Pension fees don't always add up' (Article on fees attaching to various pension products) AFR [p 42], 23-24 May 2009

'Beware tax changes that feed greed' (Claim that by discriminating in favour of investment income, the Henry tax system review could lead to another financial crisis) AFR [p 63], 23-24 May 2009

Business and unions harden line on share schemes' (Report that business and union leaders have rejected the Government's proposal to change the threshold re Budget changes to employee share schemes) AFR [p 1], Fri 22.5.2009

'ATO gets tough on stock dodge' (The Tax Office has warned taxpayers against 'window dressing' incomes by claiming they are share traders in order to claim deductible losses) AFR [p 3], Fri 22.5.2009

'Hummer stretches the point' (The AAT has ruled that a taxpayer is liable to pay luxury car tax on an imported Hummer) AFR [p 3], Fri 22.5.2009

'Super surge led to Labor lowering the boom' (According to figures, 60,000 investors plunged more than $450,000 each into super before the June 2007 deadline) AFR [p 6], Fri 22.5.2009

'ATO blew whistle on tax avoidance' (Report that the Tax Office raised concerns to Government re executives, tax avoidance and employee share and option schemes) AFR [p 9], Fri 22.5.2009

'Baby thrown out with the bathwater, employer says' (According to employers, Budget changes to employee share schemes will hurt low to middle earners) AFR [p 9], Fri 22.5.2009

'Crown wins in Vic tax deal' (Report of industry response to the Victorian Government's gaming machine tax rates change re Crown) AFR [p 13], Fri 22.5.2009

'Web system in tax overhaul' (According to Dr Ken Henry, businesses would be able to plug into the web-based standard business reporting system before tax review recommendations are adopted) AFR [p 54], Fri 22.5.2009

'Small firms to lose competitive edge' (Business response to Budget changes re employee share schemes) AFR [p 57], Fri 22.5.2009

'Super could be knocked off its pedestal' (Opinion on superannuation and retirement policy) AFR [p 59], Fri 22.5.2009

'It's necessary to separate ESOPS fact from fable' (Opinion that the Government can crack down on tax avoidance without 'wiping out' employee share schemes) AFR [p 59], Fri 22.5.2009

'Miners join share scheme revolt' (Report that the mining industry has demanded a meeting with the PM to discuss the Budget's tax changes re employee share schemes) AFR [p 1], Thur 21.5.2009

'ASIC urged to rethink rules on advisory agents' (Report that financial advisers have called on ASIC to revise the regulation of authorised representatives of advisory firms, after the collapse of Great Southern) AFR [p 4], Thur 21.5.2009

'Report clears ATO, almost' (Federal Auditor-General report released on Tax Office's management of serious non-compliance) AFR [p 7], Thur 21.5.2009

'Victory in tax dispute' (Federal Auditor-General finds flaws in the way the ATO administers the Petroleum Resource Rent Tax - recommends changes) AFR [p 1], Thur 21.5.2009 

'Time to look for a more sensible solution' (Comment on the Government's share scheme changes) AFR [p 8], Thur 21.5.2009

'ATO checks reveal unreported millions' (Assistant Treasurer claims Budget share scheme changes were a result of ATO concerns about tax avoidance) AFR [p 9], Thur 21.5.2009

'Sherry pushes on with fee review' (report that the Superannuation Minister has reaffirmed his commitment to overhaul fees on financial products) AFR [p 42], Thur 21.5.2009

'Swan must rethink share scheme call' (Letter to the Editor calling on the Govt to reconsider its Budget announcement on share schemes) AFR [p 55], Thur 21.5.2009

'Forget tax breaks, look more closely' (Letter to the Editor on the recent collapse of Great Southern and Timbercorp) AFR [p 55], Thur 21.5.2009

'Don't penalise working hard' (AFR Editorial on the Govt's tax changes re employee share schemes) AFR [p 58], Thur 21.5.2009

The Australian

'Coalition digs in over bill on ETS' (Report that the emissions trading scheme will not be decided until October because the Coalition has refused to negotiate passage in the Senate until international moves are clearer) AUSTRALIAN [p 1], Wed 27.5.2009

'Make us pay extra to super boomers' (According to a survey, seven out of 10 investors want the SG rate to increase to 15 per cent) AUSTRALIAN [p 4], Wed 27.5.2009

'Upfront shares tax a step back' (According to a tax academic, taxing shares upfront would reduce broad-based employee share ownership) AUSTRALIAN [p 4], Wed 27.5.2009

'Small target strategy' (Article on tax breaks on share losses subject to conditions and note that the Tax Office is focusing its attention on such losses) AUSTRALIAN [Wealth, p 1], Wed 27.5.2009

'Many unhappy returns' (Warning that fund investors should be wary of high-turnover portfolios eg tax implications) AUSTRALIAN [Wealth, p 7], Wed 27.5.2009

'Why growing old is a costly business' (Article on the Government's policy to deal with the ageing population eg the Age Pension, super system) AUSTRALIAN [Wealth, p 8], Wed 27.5.2009

'Share scheme draws demand for clarity' (Report that businesses have called on the Government to within a week provide clarity re employee share scheme changes so they can make a decision before the end of the financial year) AUSTRALIAN [p 4], Tue 26.5.2009

'Regulator bends to criticism from the super industry' (APRA has released a discussion paper re collection of data from funds) AUSTRALIAN [p 19], Tue 26.5.2009

'Labour and business hail employee share backdown' (Report that employees could be allowed to continue to defer tax on shares granted under employee schemes after Government rethink of Budget changes) AUSTRALIAN [p 1], Mon 25.5.2009

'Changes 'defeat' simpler tax plan' (According to the Taxation Institute of Australia, Budget changes will cause more taxpayers to seek accountants assistance re tax returns) AUSTRALIAN [p 1], Mon 25.5.2009

'Tobacco tax trade-off possible: Roxon' (Report that the Government will consider increasing cigarette taxes but if only Opposition passes alcopop tax hike) AUSTRALIAN [p 2], Mon 25.5.2009

'Wickenby seeks deal on tycoon's $35m tax debt' (Report that a taxpayer and the Tax Office may have mediation talks to settle a tax dispute re offshore tax structures) AUSTRALIAN [p 6], 23-24 May 2009

'Niche tax strategies come at a price' (Article on the risks of making investments based on tax benefits) AUSTRALIAN [p 30], 23-24 May 2009

'Treasurer's crackdown plans face rejection' (Latest Treasury plans to amend employee share schemes likely to be rejected by business) AUSTRALIAN [p 4], Fri 22.5.2009

'Different options keep workers 'energised, focused'' (Report outlining alleged benefits of employee share schemes) AUSTRALIAN [p 4], Fri 22.5.2009

'Sector predicts subsidy cuts to spark private health exodus' (Possible outcomes arising from proposed changes to the private health rebate) AUSTRALIAN [p 4], Fri 22.5.2009

'Budget threat to Mac share plan' (Proposed changes to employee share schemes may adversely affect Macquarie Bank's plans) AUSTRALIAN [p 17], Fri 22.5.2009

'PM signals share tax backdown' (Report that the Treasurer has signalled that the Government may rethink its Budget change to employee share schemes and the $60,000 threshold) AUSTRALIAN [p 1], Thur 21.5.2009

'Time's up for old GST claims' (Article on implications for business that cannot meet the Government's four-year time limit on GST claims) AUSTRALIAN [p 20], Thur 21.5.2009

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

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