Australian Taxation Office

New or updated materials on ATO website, including:

Parliament

Both Houses of Parliament are sitting next week, which is the last sitting week for Parliament this year (the last sitting day is Thursday 3 December). The draft legislative programmes for theHouse of Representatives and the Senate are now available, and list the following tax and superannuation Bills scheduled for debate next week:

  • Treasury Legislation Amendment (Repeal Day 2015) Bill 2015, which proposes to simplify the superannuation guarantee (SG) charge, enable the Commissioner of Taxation to pay certain superannuation amounts directly to individuals with a terminal medical condition, remove the requirement for superannuation funds to lodge a separate biannual lost members statement and amend the tax law to remove a number of inoperative or spent provisions including the tax-exempt infrastructure borrowing concession, is scheduled for debate in the House of Representatives on Tuesday.
  • Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which will require trustees of registrable superannuation entities to have a minimum of one-third independent directors and an independent Chair on their boards, is scheduled for debate in the Senate on Tuesday.
  • Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, is scheduled to return to the Senate on Wednesday.

Farm Management Deposits

Treasury has released exposure draft legislation regarding changes to Farm Management Deposits (FMDs) announced earlier this year with the release of the Agricultural Competitiveness White Paper. The changes include:

  • a doubling of the deposit limit for FMDs from $400,000 to $800,000
  • the removal of legislative restrictions placed on financial institutions preventing FMD accounts being used as a farm business loan offset, and
  • introducing early access provisions for farmers in severe drought.

Submissions can be made until Tuesday 15 December 2015.

Customs

Customs (International Obligations) Amendment (China-Australia Free Trade Agreement) Regulation 2015, registered today, amends the Customs (International Obligations) Regulation 2015 to prescribe new circumstances for refunds of customs duty, in respect of goods imported from China, to fulfil obligations under the China-Australia Free Trade Agreement.