ATO documents

Class Rulings

CR 2016/81: Income tax: Asciano Limited - Scheme of Arrangement and Special Dividend

CR 2016/82: Income tax: the 'Ward McKenzie Early Retirement Scheme 2016'

CR 2016/83: Income tax: the 'Henwood Downs Early Retirement Scheme 2016'

Draft ATO guidelines

PCG 2016/D16: Fixed trusts. This draft practical compliance guideline outlines the factors that the Commissioner will consider when deciding whether to exercise the discretion to treat a trust as a fixed trust under the trust loss provisions. For further details refer to our Riposte here.

Other news

EU proposes major corporate tax reform

On 25 October 2016, the European Commission announced plans to overhaul the way in which companies are taxed in the Single Market, including by relaunching the Common Consolidated Corporate Tax Base (CCCTB) proposals first tabled in 2011. With the CCCTB, many companies would, broadly, have a single rulebook for calculating their taxable profits throughout the EU.

ATO view on tax implications of crowdfunding

The ATO has released details on its website of its current view on the income tax and GST implications of crowdfunding arrangements.

Progress of legislation

Parliament will resume sitting on 7 November 2016.

As at 28.10.16

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

14.9.16

       

Remedial power for the Commissioner; Income tax averaging rules for farmers; luxury car tax; minor amendments correcting technical or drafting defects.

International Tax Agreements Amendment Bill 2016

1.9.16

 12.10.16

12.10.16 

13.10.16 

 20.10.16/64

Gives force of law to Australia - Germany DTA.

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

1.9.16

 

 

 

 

Immediately reduces the tax rate for businesses with turnover of up to $10 million. Reduces the company tax rate for all businesses to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business. Increases turnover thresholds.

Treasury Laws Amendment (Income Tax Relief) Bill 2016

1.9.16

 10.10.16

10.10.16 

12.10.16 

 20.10.16/65

Raises personal income tax threshold.

Budget Savings (Omnibus) Bill 2016

31.8.16

 14.9.16

 14.9.16

 15.9.16

 16.9.2016/55

Amongst other things, reduces the tax offsets under the research and development tax incentive (previously included in lapsed Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015).