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Advisory report on the Tax Laws Amendment (2012 Measures No. 2) Bill 2012, Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012, Pay As You Go Withholding  Non-compliance Tax Bill 2012 and Passenger Movement Charge Amendment Bill 2012

18 June 2012

© Commonwealth of Australia 2012
ISBN 978-0-642-79739-1 (Printed version)
ISBN 978-0-642-79740-7 (HTML version)

View the report as a single document - (PDF 778KB)


View the report as separate downloadable parts:

Preliminary Pages (PDF 96KB)
 
Chapter 1 Introduction (PDF 138KB)

Referral of the Bill
Pay as You Go withholding non-compliance tax
Reports and reviews
The Government’s 2009 proposals paper
The Government’s 2011 Bills
The committee’s report on the 2011 Bills
The current Bills
Revenue impact
Consolidation and TOFA
Schedule 2—Consolidaton and TOFA
Consolidation
Schedule 3
Managed investment trusts
Background to the managed investment final withholding tax
Industry reaction
Passenger Movement Charge
Background to the Passenger Movement Charge
Key features of the Passenger Movement Charge Bill
Objectives and scope of the inquiry
Conduct of the inquiry

 
Chapter 2 Issues in the Bills (PDF 165KB)

Company directors and the superannuation guarantee
Restricting scope to phoenixing
Analysis
Conclusion
New directors
Analysis
Conclusion
Not-for-profit organisations
Analysis
Conclusion
Disputing an estimate
Analysis
Conclusion
Consolidation and TOFA
Retrospectivity
Analysis
Conclusion
Consolidation
Background
Analysis
Conclusion
Managed investment trust final withholding tax
Grandfathering
Analysis
Conclusion
Investor confidence
Analysis
Conclusion
Revenue forward estimates
Analysis
Conclusion
Effective tax rate
Conclusion
Passenger Movement Charge Amendment Bill 2012
Analysis
Conclusion
Overall conclusion

 
Dissenting Report (PDF 133KB)

Company directors
Indiscriminate liability
Significant regulatory compliance cost
Retrospective Taxation Legislation
No justification for retrospectivity
Increase in the Managed Investment Trust Withholding Tax
Risk to Existing Investments and Government Revenue
Perceptions of sovereign risk
International competitiveness & forecasts
Passenger Movement Charge
Overall position of the industry
Lack of proper scrutiny
Hypothecation
Indexation
Disproportionate impact on short-haul routes
International Competitiveness
Conclusion

 
Appendix A – Submissions (PDF 30KB)
 
Appendix B – Hearing and witnesses (PDF 31KB)
 
Appendix C – List of advisory reports (PDF 30KB)

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