Australian Taxation Office
New or updated materials on ATO website, including:
- Daily and monthly foreign exchange rates for September 2015
- The ATO has advised that TR 2013/D7 regarding the apportionment of expenses incurred by a superannuation entity only partly in gaining its assessable income will not be finalised. Instead, a comprehensive addendum to TR 93/17 is expected to issue in October 2015.
- Updated: Public Rulings Program, as at 7 October 2015, includes the following updates:
- proposed draft tax ruling on deductions for mining and petroleum exploration expenditure, due to issue on 28 October 2015
- proposed ruling on GST-free adult and community education courses has been withdrawn from the program
Assistant Treasurer Kelly O'Dwyer has issued a media release regarding the OECD's BEPS package, recapping the measures currently underway in Australia that align with this project.
- Customs Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015 andCustoms Tariff Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015, which together seek to implement the China-Australia Free Trade Agreement, are scheduled for debate in the House of Representatives on Tuesday.
- Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, is scheduled for debate in the House of Representatives on Thursday.
- Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which require trustees of registrable superannuation entities to have a minimum of one-third independent directors and an independent Chair on their boards, is scheduled for debate in the House of Representatives on Thursday.
- Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015, which proposes to remove the obligation for the Commissioner to publish tax information for Australian owned private companies, is scheduled for debate in the Senate on Monday.
- Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015 and related Bills, which seek to strengthen the integrity of Australia’s foreign investment framework, are scheduled for debate in the Senate on Monday.