Australian Taxation Office
New or updated materials on ATO website, including:
- Taxpayer Alert TA 2015/2: Franked distributions funded by raising capital to release franking credits to shareholders
- Updated! Practice Statement Law Administration program, as at 5 May 2015
Review of foreign investment framework
This LegalTalk Alert highlights the key changes announced to Australian's foreign investment framework following consultation earlier this year
Legislation proposed for introduction in the 2015 Winter Sittings
The following Bills are proposed for introduction into Parliament during the Winter Sittings, which commences next Tuesday:
- Tax and Superannuation Laws Amendment (2015 Winter No. 1) Bill to:
- modify the offshore banking unit regime to resolve integrity concerns, modernise the regime and better target genuine mobile offshore banking activities
- simplify the choice of superannuation obligations for employers
- codify the income tax treatment of farm-in farm-out mining arrangements and provide tax relief for interest realignments within certain mining projects
- implement the third and final element of the Investment Manager Regime, and
- increase the effective life of in-house software for depreciation purposes.
- Tax and Superannuation Laws Amendment (2015 Winter No. 2) Bill to:
- confirm the income tax treatment of instalment warrant arrangements
- strengthen the CGT scrip for scrip rollover integrity provisions, and
- improve the company loss recoupment rules for companies with multiple classes of shares.
- Excise Tariff Amendment (Ethanol and Diesel Alternatives) Bill, Customs Tariff Amendment Diesel Alternatives) Bill and Energy Grants and other Legislation Amendment (Ethanol and Diesel Alternatives) Bill to:
- remove the grant for biodiesel , and
- increase the rate of excise for ethanol and biodiesel.