ATO documents

Class Rulings

CR 2016/48: Income tax: National Australia Bank Limited - issue of NAB Capital Notes 2

CR 2016/49: Income tax: demerger of Graphex Mining Limited by Indiana Resources Limited

Notices of Withdrawal - Taxation Determinations

TD 2011/11: Income tax: value of goods taken from stock for private use for the 2010-11 income year

TD 2011/13: Income tax: capital gains: what is the improvement threshold for the 2011-12 income year under section 108-85 of the Income Tax Assessment Act 1997 ?

TD 2011/17: Income tax: what are the reasonable travel and overtime meal allowance expense amounts for the 2011-12 income year?

TD 2011/18: Income tax: what is the car limit for the 2011-12 financial year?

TD 2011/20: Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2011 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used?

TD 2012/20: Income tax: value of goods taken from stock for private use for the 2011-12 income year

Addenda - Class Rulings

CR 2016/26: Income tax: the 'Ergon Energy Early Retirement Scheme 2016'

Withdrawn Interpretative Decisions

ATO ID 2001/479: Rental Property - holding expenses on vacant land held for future income producing purposes.

ATO ID 2001/535: Rental property expenses - deductibility of the cost of accommodation when inspecting potential properties for purchase

ATO ID 2002/173: Borrowing Expenses - Lenders Mortgage Insurance - Loan Refinanced

Other News

OECD releases BEPS discussion drafts on attribution of profits to PEs and revised guidance on profit splits

On 4 July 2016, the OECD released for comment discussion drafts on the Attribution of Profits to Permanent Establishments (PEs) in relation to BEPS Action 7, and Revised Guidance on Profit Splits in relation to BEPS Actions 8 to 10. Comments on the drafts are due by 5 September 2016.

EU Tax Rulings Committee makes recommendations on taxation of digital economy

The European Parliament’s Special Committee on Tax Rulings has released a study which considers that BEPS measures fail to address core problems in relation to the taxation of the digital economy and that Governments need to think beyond BEPS.

Progress of legislation

As at 8.07.16

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.