On 15 May 2012, the Assistant Treasurer, David Bradbury, released an Exposure Draft (ED) of Tax Laws Amendment (2012 Measures No. 3) Bill 2012: deducting expenses for living away from home for the Government's proposed changes to the living away from home allowances (LAFHA) and employee eligibility for tax concessions.
KPMG has prepared Tax in Focus Brief 12TiF-008 Application of the income tax laws, GST laws and MRRT to farm-out arrangements on the Australian Taxation Office (ATO) Miscellaneous Taxation Rulings MT 2012/1 and MT 2012/2 which set out the Commissioner of Taxation's views on the application of the income tax and goods and services tax (GST) provisions to immediate and deferred transfer farm-out arrangements.
On 15 May 2012, the Assistant Treasurer, David Bradbury, announced the establishment of an expert roundtable to assist with the implementation of the Government's proposed clarification of Part IVA of the Income Tax Assessment Act 1936 (ITAA 1936).
On 16 May 2012, the Shadow Treasurer, Joe Hockey, delivered a post-budget address to the National Press Club.
On 16 May 2012 the ATO released 1 Class Ruling, 4 Product Rulings and 1 Addendum.
On 16 May 2012, the Australian Taxation Office (ATO) issued Taxpayer Alert TA 2012/2 New Zealand foreign trust arrangements which describes arrangements where a New Zealand based foreign discretionary trust (New Zealand Foreign Trust) is used to avoid taxation on Australian sourced income.
On 8 March 2012, the Australian Taxation Office (ATO) issued a Decision Impact Statement (DIS) in response to the decision of the Full Federal Court of Australia (FCAFC) in Allen (Trustee), in the matter of Allen's Asphalt Staff Superannuation Fund v Commissioner of Taxation [2011] FCAFC 118.
On 15 May 2012, the Secretary to the Treasury, Dr Martin Parkinson, delivered the annual post-budget address, entitled Macroeconomic policy for changing circumstances, to the Australian Business Economists.
- PUSH FOR CORPORATE TAX CUT INTENSIFIES, AFR, 16 May 2012, p10
- EXPERTS ROUNDED UP ON EVASION, AFR, 16 May 2012, p10
- US TAX LAW A THREAT TO FINANCIAL SECTOR, AFR, 16 May 2012, p24
- TAX RISE CHANGES SUMS FOR MAPLETREE, AFR, 16 May 2012, p55
Federal Budget
- TREASURY DEFENSIVE ON BUDGET, AFR, 16 May 2012, pp1,6
- NATION'S ECONOMY NEEDS FIRM HAND, AFR, 16 May 2012, Opinion, p62
- MURRAY SLAMS 'DIVISIVE' BUDGET, AFR, 16 May 2012, p13
- TAX CUTS FOR ENVIRONMENT, AFR, 16 May 2012, p62
Environment
- MEAT IN THE TAX SANDWICH, AFR, 16 May 2012, p12