Australian Taxation Office

New or updated materials on ATO website, including:

Foreign investment reforms

Treasury has released exposure draft legislation and regulations for a package of reforms to strengthen the foreign investment framework, including transferring all of the residential real estate functions to the ATO, stricter penalties, new application fees, increased scrutiny of foreign investment in agriculture and increased transparency of foreign ownership through a land register. Submissions can be made by Friday 17 July 2015.

Superannuation - Productivity Commission

Productivity Commission Research Paper, released this morning, analyses the following aspects of superannuation policy affecting the post-retirement phase of superannuation investment:

  • What might happen if the age that individuals can access their superannuation were raised?
  • Is the way people draw down their superannuation, and in particular, the use of lump sums, problematic?

The report makes no recommendations, but its analysis and conclusions may be relevant to future superannuation policy development.

Supervisory Levies

The following legislative determinations, which set financial institution supervisory levies for 2015-16, were registered yesterday: