Australian Taxation Office
The latest publication in PwC's Protecting Prosperity series discusses how lowering the corporate tax rate can provide a much needed growth dividend for the economy.
PwC Global Mobility Services team has partnered with the RES Forum, the largest independent network of HR & Mobility professionals to launch a new report, Developing Global Mobility for the future - will your tax compliance strategy lead you there? The report provides insights into how Global Mobility functions are aligning their tax compliance approach and capabilities in a strategic way in support of achieving business objectives. The research set out in this report is an analysis based on a survey of 86 professionals from multinational organisations across the world, who are involved in managing or leading Global Mobility programmes within their organisation.
The following Bills progressed in Parliament yesterday:
- Tax and Superannuation Laws Amendments (2015 Measures No 5) Bill 2015, which proposes to modernise work-related car expenses, better target the Zone Tax Offset, limit the fringe benefits tax (FBT) concessions on salary packaged entertainment benefits, and introduce a range of new third party reporting measures, was passed by the House of Representatives and will now proceed to the Senate.
- Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015, which seeks to strengthen the integrity of Australia’s foreign investment framework, was passed by the Senate with two amendments. This Bill will now return to the House of Representatives for consideration of the Senate amendments.
The reporting dates for the following Senate Committee inquiries have been extended:
- Australia's innovation system - extended from 25 November to 15 December 2015
- Corporate tax avoidance - extended from 30 November to 26 February 2016
ATO annual report
The House of Representative’s Tax and Revenue Committee has tabled its second report into the 2014 Annual Report of the ATO which considers the ATO’s relationship with tax practitioners through the Tax Agent Portal and Single Touch Payroll, progress with no-touch tax returns, Tax Gap estimates, client service improvements and correspondence, the transfer of complaints functions to the Inspector-General of Taxation, the implementation of strategies to address the cash economy and sharing economy, the ATO’s pursuit of wind-ups and bankruptcies as a recovery practice, and transparency and performance reporting.
- As part of the work by the Organisation for Economic Cooperation and Development (OECD) to improve the timeliness of processing and completing mutual agreement procedure (MAP) cases under tax treaties and to enhance the transparency of the MAP process, the OECD makes available to the public, via its website, annual statistics on the MAP caseloads of all its member countries and of non-OECD economies that agree to provide such statistics. MAP statistics are now available for the 2014 reporting period.
- This Tax Policy Bulletin highlights that the recommendations contained in the OECD's final report on hybrid mismatch arrangements can create more complexity and may affect investment decisions.