Australian Taxation Office
New or updated materials on ATO website, including:
- ATO calls on small business to work with them to improve their tax and super experience
- Changes to the Member Contributions Statement electronic reporting specification
- Deferral of due date for the full re-report lost member statement - period ending 31 December 2015
Accounting for uncertain tax positions
On 21 October 2015, the International Accounting Standards Board released a Draft Interpretation "Uncertainty over Income Tax Treatments" which provides guidance on how to account for uncertain tax positions (ie the IFRS equivalent of the US GAAP interpretation, ASC 740 – 10/formerly FIN 48). Although the Interpretation is only in draft form, many entities may wish to take early action to assess its impact on their financial statements, and may wish to adopt it early. Refer to the PwC summary of the suggested phases for implementing the Interpretation, including an illustrative estimate of the time required to complete each phase.
Progress of Bills in Parliament
- 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, was introduced and debated in the Senate. The Senate Economics Committee also tabled its report on the Bill, and recommends the Senate pass the Bill (with a recommendation for a post-implementations review of the measures with three years of enactment).
- 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, was introduced, debated and passed by the Senate yesterday. These Bills now await Royal Assent. See also the media release from Minister for Trade and Investment Andrew Robb regarding passage of the Bills.
- Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which will require trustees of registrable superannuation entities to have a minimum of one-third independent directors and an independent Chair on their boards, was introduced and debated in the Senate. The Senate Economics Committee also tabled its report on the Bill, and recommends the Bill be passed (with a dissenting report by Labor Senators).