3 December 2012
In this week's Tax highlights we feature:
- Final report on the GST Distribution Review released: This report examines the current distribution system, considers the interaction between States’ mineral royalties and the Commonwealth’s resource taxes, and makes recommendations about the low value import threshold for GST
- Tax bill containing several outstanding tax measures introduced: Tax Laws Amendment (2012 Measures No. 6) Bill 2012 was introduced into the House of Representatives on 29 November 2012 and includes proposed amendments to extend the deductibility of exploration and prospecting expenditure to geothermal explorers, extend the interim streaming provisions for managed investment trusts, clarify the definition of ‘limited recourse debt’, remove concessional fringe benefits tax treatment for certain in-house fringe benefits and extend the application of promoter penalty provisions to offshore activities
- Bill to implement new international agreements introduced: The International Tax Agreements Amendment Bill 2012, also introduced into Parliament on 29 November 2012, proposes to give the force of law in Australia to the Protocol with India, the Marshall Islands agreement and Mauritius agreement. Entities with interests and operations in India should particularly review the new Protocol with India.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.