ATO documents

Class Rulings
CR 2016/56: Fringe benefits tax: employers who use the Ctrack Pty Ltd telematics system for car log book records and for odometer records
CR 2016/57: Income tax: Pacific Brands Limited - Scheme of Arrangement and payment of Special Dividend

Practice Statement
PS LA 2016/5: The disclosure of information and documents collected by the Registrar of the Australian Business Register

Other news

ATO consultation on provision of general purpose financial statements by significant global entities

The ATO has announced that it will commence consultation on the administrative arrangements for the provision of general purpose financial statements by issuing a discussion paper on the ATO’s website in the week commencing 15 August. The consultation period is expected to close on 30 September 2016. Refer to our Riposte for details of this new transparency measure.

OECD releases discussion draft on interest in the banking and insurance sectors

On 28 July 2016 the OECD released its discussion draft dealing with approaches to address BEPS involving interest in the banking and insurance sectors under Action Item 4. The draft provides detailed consideration of the BEPS risks posed by banks and insurance companies and those posed by entities in a group with a bank or insurance company, such as holding companies, group service companies and companies engaged in non-regulated financial or non-financial activities. Comments are due by 8 September 2016.

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 5.08.16

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.