Australian Taxation Office

New or updated materials on ATO website, including:

  • Withdrawn ATO ID 2012/68: Employee Share Scheme: unlisted options to acquire shares in a company not acquired at a discount
  • Updated: Matters under consultation, as at 30 October 2015, include the following new item:
    • Proposed public ruling – The deductibility of legal expenses under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997)
  • Time limit for claiming GST and fuel tax credits
  • Infrastructure - Australian federal tax framework: The ATO has released a new Australian federal tax framework for the infrastructure industry, which sets out its overall position on standard-form infrastructure and privatisation transactions. Specifically, the framework outlines what the ATO see as the most common infrastructure and privatisation transactions, and considers how the Australian tax system applies including:
    • The tax implications of the construction of social infrastructure using the 'securitised licence' Public Private Partnership (PPP) model.
    • How the investors into PPPs will themselves be taxed, including what happens when an investor exits.
    • The tax implications of the privatisation of Government related entity assets using a long-term lease.
    • How the investors into infrastructure and privatisation will themselves be taxed, including what happens when an investor exits.

Commissioner of Taxation's Annual Report

Commissioner of Taxation's Annual Report for 2014-15 including the ATO's key statistics and achievements for the last financial year, as well as indications of the ATO's operating program for the years ahead including working with Treasury to simplify tax law and contribute to deregulation targets to further reduce compliance costs, implementing digital service initiatives, building analytics capability to enhance ATO risk-based, differentiated client experience, and driving action in the international tax arena.

Treasury's annual report

Treasury's Annual Report 2014-15 outlines Treasury's performance against outcomes, programs and performance information for the 2014-15 financial year.

TaxTalk

November 2015 edition of TaxTalk Monthly is now available. This month's featured articles include:

TaxTalk also includes a monthly roundup of developments in corporate tax, employment tax, indirect tax, international tax, superannuation, legislative updates and other news updates.

Tax Reform

The latest publication in our Protecting our Prosperity series, GST and personal income tax reform: the yin and yang of tax policy, discusses the need for successful tax reform to strike a balance between income tax and the GST.

LegalTalk

This LegalTalk Alert discusses a consultation paper recently issued by the ASX seeking comments on ASX Listing Rule 7.1A which provides small to mid-cap listed companies the opportunity to issue up to 10% of their share capital every 12 months in addition to the 15% permitted under Listing Rule 7.1

Review of Taxpayers' Charter and taxpayer protections

The Inspector-General of Taxation (IGT) has announced the terms of reference for his review into the Taxpayers Charter and taxpayer protections, which will include, amongst other things, consideration of the protection of taxpayer's rights in cross-border information exchanges between revenue authorities. Submissions can be made to the IGT in relation to this review until 18 December 2015.

Excise

Excise (Volume of Liquid Fuels - Temperature Correction) Determination 2015 (No. 1) specifies the methods available for determining the volume of excisable liquid fuel, and the types of fuel and aggregated clearances as factors that permit the use of a particular method.

Customs