Australian Taxation Office
New or updated materials on ATO website, including:
- Rulings scheduled to issue on Wednesday, including CGT improvement threshold for the 2015-16 income year and reasonable travel and overtime meal allowance expense amounts for the 2015-16 income year
Investment Manager Regime
This Tax Insights publication provides an overview of the final Investment Manager Regime, which received Royal Assent last week.
Royal Assent to Bills
The following Bills received Royal Assent on 26 June 2015:
- Crimes Legislation Amendment (Penalty Unit) Bill 2015, which increases the amount of the Commonwealth penalty unit to $180 with effect from 31 July 2015, and provides for the amount to be automatically adjusted every three years in line with inflation.
- Excise Tariff Amendment (Ethanol and Biodiesel) Bill 2015, which reduces the rates of excise for domestically manufactured biodiesel and fuel ethanol to nil for a one-year period commencing on 1 July 2015, and then gradually increases these rates from 1 July 2016.
- Energy Grants and Other Legislation Amendment (Ethanol and Biodiesel) Bill 2015, which removes grants for renewable diesel and biodiesel from 1 July 2015.