A media release from the Treasurer, Wayne Swan, today announces the Government’s intention to limit tax deductibility for education expenses to $2,000 per person per annum.

The limit is to apply for outgoings incurred from 1 July 2014.

The Treasuer explians the mischief as follows:

Without a cap on the amount that can be claimed under this deduction, it’s possible to make large claims for expenses such a

On 26 February 2013, the Assistant Treasurer released exposure draft legislation to address some of the issues raised in relation to the first ED legislation to replace section 105-65 of Schedule 1 of the Taxation Administration Act 1953.  The first ED proposed a new Division 36 into the GST Act.

The amendments in relation to this revised ED will apply at the originally announced date – i.e., in relation to working out net amounts for tax periods commencing on or after 17 August

The final ruling on financial assistance payments was issued by the ATO yesterday, 30 May 2012 – GSTR 2012/2.

As an initial observation, it refers to the existing (but about to be amended) provisions of the GST law dealing with:

• non-profit bodies (a term which is to be replaced by not-for-profit entity if the ED for Tax Laws Amendment (2012 Measures No. 4) Bill 2012: tax exempt body “in Australia” requirements finds its way into law); and
• a

Congratulations to (now) DP Stephen Frost, DP Fiona Alpins, DP Professor Bob Deutsch and SM Gina Lazanas on their appointments as part-time members of the AAT as Deputy Presidents and Senior Member, respectively, with taxation expertise.

The Attorney General, Nicola Roxon, made the appointments on Thursday 19 April 2012.  Her media release can be accessed here.

“I offer my congratulations to all those who have

There have been two important developments over the last week for the GST treatment of real property:

• The Commissioner has released two determinations concerning the sale of real property subject to a lease.

For my resolution for the new year … click here

Today, 14 December 2011, the Treasury has released exposure draft Regulations and explanatory material relating to the Government’s 2011-12 Budget measure, Tax compliance – reporting tax