08 July 2013
In this week's Tax highlights we feature:
- Progress of current Bills: A number of Bills which were passed by Parliament at the conclusion of the Winter Parliamentary sittings have now received Royal Assent, including the Bill to amend the general anti-avoidance provisions (Part IVA) and introduce the transfer pricing reforms. Some Bills still remain outstanding including amendments concerning the research and development tax concession and entitlements to refunds of excess goods and services tax (GST)
- Customs-related developments: There have been several recent customs and global trade-related developments that have potential relevance for many businesses. These include changes to the way businesses obtain GST deferral reports, the Productivity Commission’s food processing inquiries and the commencement of a new Anti-Dumping Commission
- Travel and overtime meal allowances: The ATO has released the reasonable travel and overtime meal allowance amounts for the 2013-14 income year.
Plus we provide our synopsis of the latest legislative developments, cases, announcements, and ATO information and releases.