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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

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)