Australian Taxation Office
New or updated materials on ATO website, including:
- TA 2015/1: Dividend stripping arrangements involving the transfer of private company shares to a self-managed superannuation fund
- Updated: Taxable payments annual report: sample report and information
- Class ruling released yesterday
Consolidation regime amendments
Treasury has released exposure draft legislation in relation to previously announced amendments to the consolidation regime. The exposure draft legislation covers five measures that were announced in the 2013-14 and 2014-15 Federal Budgets, including the so-called "deductible liabilities" measure which is intended to remove the double benefit that can arise in respect of certain deductible liabilities held by a joining entity that is acquired by a consolidated group. Submissions on the exposure draft legislation can be made until Tuesday 19 May 2015.
Scrip for Scrip Roll-Over amendments
Exposure draft legislation in relation to amendments to the scrip-for-scrip rollover rules, originally announced in May 2012, has been released. The amendments, which address issues raised in the AXA Asia Pacific Holdings Ltd case, are intended to tighten the scrip for scrip roll-over rules to make it harder for companies and trusts to avoid capital gains tax when they sell subsidiary companies other than as part of a genuine merger or restructure of their business. Submissions can be made until Wednesday 20 May 2015.