FoFA Bills pass House of Reps with amendments

The Corporations Amendment (Future of Financial Advice) Bill 2011 and Corporations Amendment (Further Future of Financial Advice Measures) Bill 2011 have passed the House of Reps with 24 Government amendments. The Bills now move to the Senate.

 

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ASIC "shadow shopping" research on retirement advice

ASIC has released its Shadow shopping study of financial advice (REP 279) which looked at 64 examples of personal financial advice given to real consumers (aged 50-69) during 2011. While ASIC found that the majority of advice examples reviewed (58%) were "adequate", 39% of the advice examples were rated as "poor", with only two examples representing "good quality" advice (3%). ASIC Commissioner Peter Kell said the shadow shopping results demonstrate there is scope for significant improvement in the provision of good quality retirement advice.

 

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GST on new residential premises

The ATO has released details of its administrative treatment regarding amendments to the GST treatment of new residential premises contained in the Tax Laws Amendment (2011 Measures No 9) Act 2012.

 

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Targeting tax crime: a whole of government approach

The latest edition of Targeting tax crime: a whole of government approach looks at the critical role of a healthy tax administration, and the importance of the community's embrace of the rights and responsibilities of citizenship.

 

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Tax Bill (No 9) 2011 receives Assent

The Tax Laws Amendment (2011 Measures No 9) Bill 2011 has passed all stages without amendment and received Royal Assent on 21 March 2012 as Tax Laws Amendment (2011 Measures No 9) Act 2012 - Act 12 of 2012. It contains the following amendments:

 

 

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ATO warns taxpayers to disclose foreign source income

The ATO has issued Taxpayer Alert TA 2012/1 warning taxpayers of arrangements under which Australian resident taxpayers do not correctly include income and other taxable amounts from foreign sources in their assessable income for Australian tax purposes.

 

 

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ASIC enforcement report of financial system "gatekeepers"

ASIC has released its first enforcement report highlighting various actions taken during the period 1 July 2011 to 31 December 2011. The report (Report 281) outlines categories of gatekeepers against whom ASIC has taken action including financial advisers, responsible entities, credit licensees, market participants, directors, company officers, insolvency practitioners and auditors.

 

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ATO Practice Statement on GST and bad debt adjustments

The ATO has issued Practice Statement Law Administration PS LA 2012/1 (GA) concerning the calculation of input tax credits and bad debt adjustments when a dividend is paid to creditors. It applies to representatives of an incapacitated entity who pay a dividend of less than 100 cents in the dollar to creditors towards satisfaction of debts owed. It does not consider the GST consequences for creditors who receive such a dividend.

 

 

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Tax Bill (No 1) 2012 introduced

The Tax Laws Amendment (2012 Measures No 1) Bill 2012 has been introduced in the House of Reps. It contains the amendments noted below.

 

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Mining tax Bills receive Assent

The following Bills received Royal Assent on 29 March 2012:

 

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China loosens grip on its currency

China has loosened its grip on its currency, letting the yuan move a little more freely against the US dollar from today.

The People's Bank of China announced on the weekend that it would let the yuan fluctuate by up to 1 per cent on either side of its trading band.

 

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