Australian Taxation Office
New or updated materials on ATO website, including:
- Updated: Matters under consultation, including the following new items:
- review of private advice
- GST adjustments and windfall gains
- guidance update - interpretation of 'in Australia'
- review of TOFA disclosure requirements in the income tax returns
- small Business CGT Asset Valuation Project
- domestic travel allowance expenses– reasonable rates and safe harbours for meals, incidentals and accommodation
- fuel tax credits – improving the client experience
New start date for accelerated depreciation for farmers
The Government has announced that the start date of the 2015-16 Federal Budget proposal for accelerated deductions for the cost of water facilities, fodder storage assets and fencing will be brought forward to 12 May 2015 (previously announced to commence from 1 July 2016). This measure was introduced into Parliament this morning (see below).
Progress of Bills in Parliament
Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015, which contains the proposed changes to the taxation of employee share schemes applicable from 1 July 2015, was passed by the House of Representatives yesterday. This Bill will now proceed to the Senate. Also see the media release from the Minister for Small Business.
Bills introduced into Parliament this morning
The following Bills have been introduced into the House of Representatives this morning:
- Tax Laws Amendment (Small Business Measure No. 1) Bill 2015, which proposes to reduce the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities.
- Tax Laws Amendment (Small Business Measure No. 2) Bill 2105, which proposes to:
- provide an up-front deduction for small business entities for the cost of depreciating assets up to $20,000 from 12 May 2015 to 30 June 2017
- provide accelerated depreciation for primary producers for the cost of water facilities, fodder storage assets and fencing.
- Superannuation Guarantee (Administration) Amendment Bill 2015, which proposes to remove the obligation for employers to offer a choice of superannuation fund to temporary resident employees, or when superannuation funds merge, with effect from 1 July 2015.