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Don't Play The Losers Game

Happy New Year and welcome to the first Investment Insights for 2012.

GST financial supply changes to impact on the managed funds industry

On 13 January 2012 Treasury released an exposure draft of regulations which will impact on the manner in which managed funds calculate their GST liabilities. The managed funds industry will be particularly concerned with changes which specifically target situations where a trustee/responsible entity charges a single, “bundled” fee to a managed fund. If adopted, the regulations would limit the reduced input tax credit (RITC) the fund can claim for GST paid on this fee to 55% of GST paid. This compares to the current situation where a managed fund can generally claim an RITC equal to 75% of the GST paid.

Corporations Act – Section 254T

On the 22nd of December last year the Commissioner of Taxation (the “Commissioner”) presented the wider tax community with an early Christmas gift in the form of TR 2011/D8 (the “draft ruling”). This draft ruling builds on a discussion paper released on 21 June 2011 by the Commissioner in response to the amendments to the Corporations Act 2001 (“Corporations Act”)  that impact on when a company can pay a dividend (refer to section 254T of the Corporations Act). 

Building better leaders in the mid tier space

Queensland accountants are set to be better equipped with leadership and management skills, with the introduction of an innovative new training program.

Moore Stephens Queensland, in partnership with Queensland University of Technology (QUT) and the Australian Institute of Management (AIM) have developed the Leadership Management Program, a first-time initiative for mid-tier accounting practices.

NFP Reform Agenda continues at a Rapid Pace – Have Your Say

Following our recent submissions on the Government’s consultation paper regarding a statutory definition of charity (click here to read), the Federal Government’s reform agenda continues at a rapid pace with the release on 9 December 2011 of 2 more major elements of the reform being:

•    Exposure draft legislation to establish the Australian Charities and Not-for-profits Commission (ACNC) as announced in the 2011 budget; and
•    A consultation paper on current governance arrangements for the not for profit sector.

Opportunities to Attract Foreign Funds – Investment Manager Regime Released

On 16 December 2011, the Government released their response to the final element of the Australia's proposed Investment Manager Regime ('IMR') outlined in the Board of Taxation's Report.  The proposed start date for the IMR is 1 July 2011.

Defining Charity

Moore Stephens have written a submission responding to the Treasury consultation paper on “A Definition of Charity” The submission was lodged with Treasury this month

The Future of Tax losses: Turning Losers into Winners

On 11 December the Business Tax Working Group released its Interim Report on the Tax Treatment of Losses (the “Report”) for public comment.

The Report is part of the Business Tax Working Group’s (“BTWG”) focus on improving the business tax system to allow businesses to respond to emerging challenges and create opportunities for themselves in the local and international economic landscape.  The BTWG’s initial focus on reforming the treatment of tax losses is an encouraging first step towards increased certainty in the tax law while also assisting the broader economy by delivering tax relief to corporate Australia.

Asset Ownership Time Bomb!!!!! Personal Property Security Rules to Start 31 January 2012.

From 31 January 2012 if you do not register your interest, your security may be useless and title and ownership of goods you supply, or equipment you rent, may be lost.

The Personal Property Security Legislation is intended to create a simple online registration system for all security interests. It applies to goods but does not apply to land interests.


R&D Incentive - Application for Advance Findings Form has been released

A significant benefit of the new R&D incentive is that applicants can obtain an advance finding of whether their activities are eligible R&D activities.  This is important as it provides some comfort in respect to whether they will benefit from the incentive.

The Application for Advance Findings form, which determines whether activities are eligible R&D activities, has now been made available following the registration of the Industry Research and Development (R&D) Regulations 2011 on 25 November 2011.
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