ATO documents

Class Rulings

CR 2016/50: Income tax: AMP Capital Community Infrastructure Fund - capital reallocation

CR 2016/51: Income tax: Return of Capital and Scheme of Arrangement - Unity Mining Limited

Addenda - Class Rulings

TR 2011/6: Income tax: business related capital expenditure - section 40-880 of the Income Tax Assessment Act 1997 core issues

TR 1998/9: Income tax: deductibility of self-education expenses incurred by an employee or a person in business

ATO Guidelines

LCG 2016/2: Small Business Restructure Roll-over: consequences of a roll-over

LCG 2016/3: Small Business Restructure Roll-over: genuine restructure of an ongoing business and related matters

Withdrawn Interpretative Decisions

ATO ID 2003/125: Capital Allowances: Deduction for decline in value of a caravan

Other news

OECD releases discussion draft on group ratio rule under BEPS Action 4On 11 July 2016, the OECD released for comment a discussion draft on the design and operation of the group ratio rule under BEPS Action 4 (Interest deductions and other financial payments).

The group ratio rule is intended to be introduced along with the fixed ratio rule which limits an entity’s net interest deductions to a percentage of its EBITDA. The group ratio rule allows an entity to claim higher net interest deductions based on a relevant financial ratio of its worldwide group. Comments are due by 16 August 2016.

Progress of legislation

As at 15.07.16

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.