Recent Additions

Treasury released the draft legislation in respect of the changes to Living Away From Home Allowances (LAFHA) on 15 May 2012.
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St Hilliers Construction Pty Ltd today announced that it has appointed Trent Hancock and Michael Hird of Moore Stephens Sydney Corporate Recovery Group as voluntary administrators.
Moore Stephens Australia have written a submission responding to the exposure draft legislation:

Tax Laws Amendment (2012 Measures No.4) Bill 2012: tax exempt body "in Australia" requirements.

Moore Stephens Melbourne Pty Ltd’s has made a submission on behalf of the University Sector regarding the reforms proposed in the exposure draft legislation Tax Laws Amendment (2012 Measures No.4) Bill 2012: tax exempt body “in Australia” requirements(“the ED legislation”) and the accompanying explanatory memorandum (“the EDEM”) released on 17 April 2012.

In the Federal Budget handed down Tuesday evening (8 May 2012), the Treasurer has released further details with respect to the proposed reforms on Living Away From Home Allowance (LAFHA). 

There have been significant measures announced, which will impact non-residents and high income earners.
Overall the budget appears to be reasonable for the education sector with no significant decreases in funding. In particular it is pleasing that there are no cuts to the education investment fund.
There has been significant tax and governance reform of the not-for-profit sector over the last two years, with many announcements made. There is little in this budget that will specifically impact on the taxation and governance of the sector, allowing it time to digest the previously announced measures.
After a number of positive years, tax reform for Australian property investors appears to have stalled, and may even have gone into reverse. There is little good news for the property industry, and non-resident investors.
This was a quiet budget for private clients, with no specific measures announced. However many measures mentioned elsewhere (for example, dropping the corporate tax cut) will have a significant impact on this sector of the economy. Many of the changes to personal taxes are also likely to impact significantly on small business.
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