Australian Taxation Office
New or updated materials on ATO website, including:
- Product ruling and addendum issued yesterday
- Updated: Practice Statement Law Administration program, as at 7 April 2015, indicates that a matter in relation to deceased estates has been withdrawn from the program as the content does not suit the practice statement format
- Updated: ATO's Test Case Litigation Register, updated as at 30 March 2015, contains information about cases being considered (including matters concerning the meaning of "indemnity" and "incurred") and declined for test case funding
Managed Investment Trust Exposure Draft
This morning Treasury released the exposure draft legislation for the proposed new tax regime for Managed Investment Trusts (MITs). The new rules propose to:
- introduce a new attribution model of taxation for Attribution MITs (AMITS)
- amend the existing definition of MIT
- remove the "20 per cent" rule for superannuation funds investing in public trading trusts
- repeal Division 6B (corporate unit trusts), and
- make a number of other amendments.
Closing date for submissions is 23 April 2015.
Integrity in the Australian tax system
The Treasurer issued a media release highlighting the importance of maintaining confidentiality over taxpayer information and that it is a key feature of the high levels of voluntary compliance by taxpayers with the tax laws. He also highlighted the steps the ATO and Government has been taking to deal with and tackle tax avoidance by multinationals.