Australian Taxation Office
New or updated materials on ATO website, including:
- GSTR 2015/2: Development lease arrangements with government agencies.
- TD 2015/D2: Assessability of amount received by retiring partner.
- TD 2015/D3: Division 7A: When applying the deemed dividend rules in relation to a loan, the lodgment day of a private company that is a subsidiary member of a consolidated group is taken to be the lodgment day of the head company of the consolidated group.
- Addenda and erratum to rulings were released yesterday.
Common Reporting Standard
The Treasurer has confirmed that Australia yesterday signed the common reporting standard (CRS) Multilateral Competent Authority Agreement which enables automatic exchange of CRS information between countries. Australia will implement the CRS from 1 January 2017 with the first exchange of information in 2018.
A report from the Australian National Audit Office on the effectiveness of the ATO's activities to promote employer compliance with Superannuation Guarantee obligations was tabled in Parliament. The report makes four recommendations (all agreed to by the ATO), including better analysis of non-compliance and emphasising the ATO's role in enforcing compliance in communication and marketing activities.
Progress of Bills
The following Bills were debated yesterday in the House of Representatives, debate was adjourned:
- 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 2015, which proposes to provide a temporary up-front deduction for small business entities for depreciating assets up to $20,000 and accelerated depreciation for primary producers for water facilities, fodder storage assets and fencing.
New Bills introduced in Parliament
- Australia Small Business and Family Enterprise Ombudsman Bill 2015, which proposes to establish the Australian Small Business and Family Enterprise Ombudsman, was introduced into the House of Representatives yesterday. See the associated media release from the Minister for Small Business.
- Excise Tariff Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to reduce the rates of excise for domestically manufactured biodiesel and fuel ethanol to nil for a one-year period commencing on 1 July 2015, and then increase these rates each year from 1 July 2016 until 1 July 2020 when the excise rate for fuel ethanol will be approximately 33 per cent of the excise rate for petrol, and biodiesel will be equivalent to 50 per cent of the excise rate for diesel, was introduced into the House of Representatives this morning.
- Energy Grants and Other Legislation Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to remove grants for renewable diesel and biodiesel from 1 July 2015, was introduced into the House of Representatives this morning.
The following legislative instruments requiring lodgment of 2015 income tax returns and statements were registered yesterday: