Australia

Latest Edition - Thursday 27 November 2014 

(1) Committee inquiry into Infrastructure Bill - Report tabled
(2) Bills receive Royal Assent
(3) Selection Committee Report No. 17 released
(4) Customs Amendment Bill 2014 passes the House
(5) Export Finance and Insurance Corporation Bill 2014 passes the House
(6) Tighter Income Test Bill introduced into the Senate
(7) Senate Scrutiny of Bills Committee - Report No. 16 released
(8) Committee inquiry into ASIC - Report No.1 tabled
(9) Federal Courts Bill introduced into the House
(10) Quarantine Charges Bills Package introduced into the House
(11) Enhanced Register of Financial Advisers - Exposure Draft
(12) APRA (confidentiality) determinations
(13) Financial Sector (Collection of Data) (Reporting Standard) Determinations

(14) ATO website update

(15) Prime Minister address to the Australian Chamber of Commerce and Industry Annual Dinner
(16) 2014 Australian Investment Managers Cross-Borders Flow report

 

(1) Committee inquiry into Infrastructure Bill - Report tabled

 

On 26 November 2014, the Senate Standing Committee on Rural and Regional Affairs and Transport for Selection of Bills tabled its report regarding its inquiry into the provisions of the Infrastructure Australia Amendment Bill 2014.

 

(2) Bills receive Royal Assent

 

  • Carbon Farming Initiative Amendment Bill 2014, becoming Act No.119
  • Social Services and Other Legislation Amendment (2014 Budget Measures No. 6) Bill 2014, becoming Act No. 122
  • Private Health Insurance Amendment Bill (No. 1) 2014, becoming Act No.123

 

(3) Selection Committee Report No. 17 released

 

On 27 November 2014, the House of Representatives tabled Selection Committee Report No. 17 in relation to the consideration of Committee and delegation reports.

 

(4) Customs Amendment Bill 2014 passes the House

 

On 26 November 2014, the Customs Amendment Bill 2014 passed the House of Representatives without amendment and now moves to the Senate for consideration.

 

(5) Export Finance and Insurance Corporation Bill 2014 passes the House

 

On 26 November 2014, the Export Finance and Insurance Corporation Amendment Bill 2014 passed the House of Representatives without amendment and now moves to the Senate for consideration.

 

(6) Tighter Income Test Bill introduced into the Senate

 

On 27 November 2014, the Liberal Democratic Party Senator, David Leyonhjelm, introduced a Private Members Bill entitled Family Tax Benefit Bill 2014 into the Senate.

 

(7) Senate Scrutiny of Bills Committee - Report No. 16 released

 

On 26 November 2014, the Senate Scrutiny of Bills Standing Committee tabled its Report No.16, which contains commentary on the Carbon Farming Initiative Amendment Bill 2014.

 

(8) Committee inquiry into ASIC - Report No.1 tabled

 

On 26 November 2014, the Joint Committee Corporations and Financial Services tabled Report 1 regarding its statutory duty to oversee the Australian Securities and Investments Commission (ASIC), the Takeovers Panel, and Corporations Legislation.

 

(9) Federal Courts Bill introduced into the House

 

On 27 November 2014, the Minister for Justice, Michael Keenan introduced the Federal Courts Legislation Amendment Bill 2014 into the House of Representatives.

 

(10) Quarantine Charges Bills Package introduced into the House

 

On 27 November 2014, the Minister for Agriculture, Barnaby Joyce introduced a package of Quarantine Charges Bills into the House of Representatives.

 

(11) Enhanced Register of Financial Advisers - Exposure Draft

 

On 27 November 2014, the Treasury released an Exposure Draft (ED) of the Corporations Amendment (Register of Relevant Providers) Regulation 2014, which proposes amendments to the Corporations Regulation 2014.

 

(12) APRA (confidentiality) determinations

 

The Australian Prudential Regulation Authority (APRA) (confidentiality) Determinations No. 16 and No. 17 of 2014 were registered on 26 November 2014.

 

(13) Financial Sector (Collection of Data) (Reporting Standard) Determinations

 

The Financial Sector (Collection of Data) (reporting standard) determination No. 31 and no. 32 of 2014 were registered on 26 November 2014.


(14) ATO website update

 

  • TB1 Tax basics for small business – an introduction
  • TB2 Tax basics for small business – income tax deductions
  • TB4 Tax basics for small business – motor vehicle deductions
  • TB5 Tax basics for small business – concessions for small business
  • Comparison of SBR, Tax Agent Portal and ELS functions
  • Comparison of SBR, BAS Agent Portal and ECI functions
     

(15) Prime Minister address to the Australian Chamber of Commerce and Industry Annual Dinner

 

On 26 November 2014, the Prime Minister, Tony Abbott delivered an address to the Australian Chamber of Commerce and Industry Annual Dinner in Canberra regarding Competitiveness Agenda, the Free Trade Agreements with Japan, Korea and China, and the G20 summit

 

(16) 2014 Australian Investment Managers Cross-Borders Flow report

 

On 25 November 2014, the Perpetual and the Financial Services Council (FSC) launched a 2014 Australian Investment Managers Cross Border Flow Report, providing a meaningful basis from which to analyse trends in the flow of funds into Australian Managed Investment trusts.

 

For KPMG clients

If you are a KPMG client and would like to subscribe to Daily Tax News or receive a copy of any of our Tax in Focus briefs, contact your KPMG adviser.

Tax

Tax services
Our Tax Team assists with corporate tax, transfer pricing, indirect tax, international executive services, R&D incentives, superannuation and more.