ATO documents

Taxation Determination 

TD 2017/16: Income tax: capital gains: what is the improvement threshold for the 2017-18 income year under section 108-85 of the Income Tax Assessment Act 1997?.

CR 2017/33: Fringe benefits tax: employer clients of PBI Benefit Solutions Pty Ltd who are subject to the provisions of section 57A or 65J of the Fringe Benefits Tax Assessment Act 1986 that make use of the PBI Solutions Meals and Entertainment Card facility CR 2017/34: Fringe benefits tax: employer clients of Smartgroup Corporation Ltd who are subject to the provisions of section 57A or 65J of the Fringe Benefits Tax Assessment Act 1986 that make use of the Smartgroup Meals and Entertainment Card facility

Report on the inquiry into tax deductibility

On 15 June 2017, the House of Reps Standing Committee on Economics tabled its ‘Report on the inquiry into tax deductibility’. This inquiry was referred by the Treasurer on 1 December 2015 to examine options to simplify the personal and company income tax systems, with a focus on options to broaden the base of these taxes in order to fund reductions in marginal rates. Among other things, the report tabled on 15 June 2017 recommended that the Government maintain the current company income tax framework that allows the deductibility of interest incurred by businesses in deriving their income and continue its work on implementing the G20/OECD’s BEPS recommendations.

Bank levy – draft APRA reporting standard

APRA has released a draft Reporting Standard for the collection by APRA on behalf of the Commissioner of information relevant to the calculation of the proposed major bank levy.

Progress of legislation

As at 16.6.17

Bill

Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017

Description

Modifies the foreign resident CGT withholding regime - increases the withholding rate from 10% to 12.5% and reduces the withholding threshold from $2 million to $750,000.

Status

Passed Senate 15.6.17.

Bill

Treasury Laws Amendment (GST Integrity) Bill 2017

Description

Reverse charge for business to business transactions involving precious metals; withdraws input tax credits for second hand valuable metal trades.

Status

Passed House of Reps 15.6.17.

Bill

Major Bank Levy Bill 2017

Description

Introduces a levy on ADIs with total liabilities of greater than $100 billion.

Status

Introduced into House of Reps 30.5.17.

Bill

Treasury Laws Amendment (Major Bank Levy) Bill 2017

Description

Various amendments to specify certain administrative features relating to the major bank levy.

Status

Introduced into House of Reps 30.5.17.

Bill

Treasury Laws Amendment (2017 Measures No. 2) Bill 2017

Description

Various superannuation amendments, including in relation to the transfer balance cap, concessional and non-concessional contributions, limited recourse borrowing arrangements, transition to retirement income streams and CGT relief for superannuation funds.

Status

Passed Senate 15.6.2017.

Bill

Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Bill 2017

Description

Extends by 12 months to 30 June 2018 the period during which small business entities can access expanded accelerated depreciation rules.

Status

Passed Senate 15.6.17.

Bill

Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2017

Description

Increases the Medicare levy and Medicare levy surcharge low-income threshold.

Status

Passed Senate 15.6.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into House of Reps 11.5.17.

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property.

Status

Introduced into House of Reps 30.3.17.

Bill

Treasury Laws Amendment (GST Low Value Goods) Bill 2017

Description

GST imposed on low cost imported goods.

Status

Introduced to Senate 14.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.