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Tax newsflash
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GES Newsflash | Living away from home (LAFH) – draft Australian legislative changes On 8 May 2012, legislative amendments were announced by the Australian Government as part of the annual federal Budget release which included changes to the concessional treatment of living away from home (LAFH) benefits. These changes are now contained in draft legislation and are due to be effective as of 1 July 2012, with transitional rules to apply for those eligible until the earlier of 1 July 2014 or a change in/renewal of employment arrangements (for arrangements in place before 7.30pm on 8 May 2012). Deloitte alert, May 2012 |
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Employment taxes update The April 2012 issue focuses on preparation of the 2011-12 FBT return and increased FBT audit activity by the ATO, along with significant FBT and other employment taxes developments that have occurred in recent months. Deloitte update, April 2012 |
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Potential R&D changes in the Federal Budget The recent release of documents by Treasury in the approach to the Federal Budget has revealed a number of recommendations made to secure tax savings to fund other tax measures, including some that could have a large impact on Australia's attractiveness as a destination for foreign R&D. Deloitte alert, April 2012 |
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'Mining and Resource Sector' | Fuel Taxes - Cash opportunities now' There has been recent media speculation that the Federal Government is planning in the May Budget to further reduce the Fuel Tax Credit benefits available to the mining sector. This comes at a time when the sector is already dealing with plenty of tax changes, such as the Minerals Resource Rent Tax, carbon pricing and the carbon pricing reduction on Fuel Tax Credit entitlements. With rising taxes, including the prospect of increased tax on your fuel costs, what should your business be doing right now? Deloitte alert, March 2012 | 2 pages |
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GES Newsflash | Australia - New Zealand citizens and the temporary resident rules The Australian Taxation Office (ATO) has recently issued a draft Taxation Determination (TD) which seeks to clarify the application of the temporary resident rules to New Zealand (NZ) citizens. Deloitte alert, March 2012 |
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GES Newsflash | Australia – food allowance rates FBT year ending 31 March 2013 The ATO has released the new reasonable food component amounts to be used to calculate the tax exempt 'additional' food allowance that may be paid to employees who qualify as living away from home during the fringe benefits tax (FBT) year ending 31 March 2013. Deloitte alert, March 2012 |
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Transfer Pricing Law Reforms As part of its previously announced proposed reforms to Australia's transfer pricing rules, the Government has now released Exposure Draft legislation to retrospectively incorporate the transfer pricing articles in Australia's double tax treaties into our domestic law. The legislation is primarily aimed at ensuring that the ATO can apply the treaty articles as a separate assessment power. Once enacted, the new law will apply to income years commencing on or after 1 July 2004. Submissions on the Exposure Draft legislation close on 13 April 2012 Deloitte alert, March 2012 |
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Our wisdom is your gain As we approach the end of the FBT year, it is time to start thinking about what needs to be done to prepare for your 2012 FBT return. Deloitte alert, March 2012 l 5 pages |
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Changes announced in relation to the employer-sponsored permanent residence visa categories The Department of Immigration & Citizenship has recently announced changes to take effect on 1 July 2012 to the permanent employer-sponsored visa program – i.e. the Employer Nomination Scheme and Regional Sponsored Migration Scheme. DIAC update and Deloitte view, March 2012 |
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Foreign Account Tax Compliance Act (FATCA) | New developments The U.S. Treasury Department and the IRS issued its proposed regulations for the next major phase of implementing FATCA. Deloitte alert, February 2012 |
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GST: Proposed change to RITC recovery for bundled trustee services Treasury has released details of a proposed change to the GST Regulations that will have a direct impact on GST input tax recovery by managed investment schemes and certain superannuation funds. Deloitte alert, January 2012 |
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R&D regulations and forms released The closing weeks of 2011 saw a flurry of activity with Australian Industry taking the first steps along the path of practically implementing the new R&D incentive program. Deloitte report, January 2012 | 4 pages |
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The New Immigration Paradigm Finding and retaining the workforce needed to realise the potential of these projects will be an overwhelming prosperity challenge facing both government and industry. Deloitte report, December 2011 | 4 pages |
Regular tax publications
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Tax highlights For the latest tax-related legislative developments, announcements, ATO information and releases, court cases and international tax developments. Weekly series, 21 May 2012 | 5 pages |
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Super vision The Australian Accounting Standards Board (AASB) has released Exposure Draft ED 223 Superannuation Entities (the ED), which proposes a new accounting standard to replace AAS 25 Financial Reporting by Superannuation Plans. Deloitte periodical, March 2012 |
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The Benchmark The Australian Government made two reform announcements yesterday in relation to transfer pricing: one retrospective and one forward looking. Deloitte quarterly series, November 2011 Alert |
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Compass | Navigating R&D This special edition of Compass will focus on the essence of the R&D Bill as passed, referring where appropriate to significant changes that occurred during consultation. Deloitte tax series, September 2011 | 12 pages |
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