ATO documents

Taxation Determinations
TD 2016/14: Income tax: is an outgoing incurred by a business taxpayer for a gift provided to a former or current client deductible under section 8-1 of the Income Tax Assessment Act 1997 ?
TD 2016/15: Income tax: is an employer entitled to a deduction under section 8-1 of the Income Tax Assessment Act 1997 for the annual fee incurred on an airport lounge membership for use by its employees?

Withdrawn Interpretative Decisions
ATO ID 2002/957: Deductions and expenses: airport lounge membership
ATO ID 2004/427: Deductions: gifts to clients

Decision Impact Statements
DIS: Commissioner of Taxation v. Donoghue

Other news

OECD presents report to G20 Finance Ministers on progress of BEPS project
The OECD Secretary-General presented a report to the G20 Finance Ministers at their meeting in Chengdu, China on 23-24 July 2016. On transparency, the OECD notes that there are now almost 100 jurisdictions participating in the multilateral Convention on Mutual Administrative Assistance in Tax Matters. The report also confirms that the text of the multilateral instrument on BEPS implementation, which 96 countries are currently negotiating, is expected to be ready for signature before the year end.

Progress of legislation

Parliament will resume on Tuesday, 30 August 2016. The Prime Minister has indicated that measures announced in the 2016-17 Budget will be presented before the end of the year.

As at 29.07.16

Bill

Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number

Description

Tax and Superannuation Laws Amendment (2016 Measures No 2) Bill 2016 - LAPSED

17.3.16

Remedial power for the Commissioner; Income tax averaging rules for farmers; luxury car tax; minor amendments correcting technical or drafting defects

Superannuation Legislation Amendment (Choice of Fund) Bill 2016 - LAPSED

17.3.16

Extend superannuation choice of fund to employees covered by enterprise agreements and workplace determinations made from 1 July 2016.

Superannuation Legislation Amendment (Transparency Measures) Bill 2016 - LAPSED

17.3.16

Sets out disclosure rules for superannuation portfolio holdings and choice product dashboards

Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016

16.3.16

2.5.2016

3.5.2016

4.5.16

5.5.2016/54

Tax incentives for early stage innovation; amends early stage venture capital limited partnership (ESVCLP) and venture capital limited partnership (VCLP) regimes.

Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016

10.2.16

3.3.16

16.3.16

4.5.16

5.5.2016/52

GST treatment of digital services by overseas providers; GST rules to cross-border supplies that involve non-resident entities; Farm management deposits (FMDs)

Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016

4.2.16

22.2.16

23.2.16

29.2.16

8.3.2016/18

Allows small businesses to change their entity structure without incurring a capital gains tax liability

Tax Laws Amendment (Implementation of the Common Reporting Standard) 2015

3.12.15

8.2.15

22.2.16

29.2.16

18.3.16/23

Implements the Common Reporting Standard for the automatic exchange of financial account information

Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015

3.12.15

10.2.16

22.2.16

4.5.16

5.5.16/53

New MIT System

Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015

3.12.15

4.2.2016

4.2.2016

22.2.16

25.2.16/10

Amendments to the treatment of earnout arrangements and introduces a new collection mechanism.

Tax Laws Amendment (Combating Multinational Tax Avoidance) 2015

16.9.15

19.10.15

10.11.15

3.12.15

11.12.15/170

Implements a new multinational anti-avoidance law. Introduces stronger penalties for large companies that engage in tax avoidance and profit shifting. Introduces country-by-country reporting to give tax authorities greater visibility of multinationals' tax structures.

Superannuation Legislation Amendment (Trustee Governance) 2015 - LAPSED

16.9.15

19.10.15

9.11.15

Amends the Superannuation Industry (Supervision) Act 1993 to change the governance requirements for superannuation funds.

Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 - LAPSED

27.5.15

17.6.15

18.6.15

Amongst other things, reduces the tax offsets under the research and development tax incentive.