Australian Taxation Office

New or updated materials on ATO website, including:

  • New and withdrawn ATO Interpretative Decisions (ATO IDs):
    • ATO ID 2015/13: Superannuation guarantee: liability of company in liquidation for superannuation guarantee charge in respect of a Fair Entitlements Guarantee advance paid by a third party
    • ATO ID 2015/14: Superannuation guarantee: liability of company in liquidation for superannuation guarantee charge in respect of a Fair Entitlements Guarantee advance paid by a liquidator
    • ATO ID 2015/15: Superannuation guarantee: liability of liquidator for superannuation guarantee charge in respect of a Fair Entitlements Guarantee advance
    • ATO ID 2015/16 Franking debits: refund of income tax - refund of a film tax offset
    • ATO ID 2015/17: Income tax: complying superannuation fund: deduction for future liability to pay death benefits - section 295-470 of the Income Tax Assessment Act 1997
    • ATO ID 2004/159 (Withdrawn): Will a forex realisation loss be allowable when an overall CGT gain arises?
    • ATO ID 2008/25 (Withdrawn): Superannuation guarantee: liability of company in liquidation for superannuation guarantee charge in respect of a GEERS advance paid by a third party
    • ATO ID 2008/27 (Withdrawn): Superannuation guarantee: liability of company in liquidation for superannuation guarantee charge in respect of a GEERS advance paid by a liquidator
    • ATO ID 2008/28 (Withdrawn): Superannuation guarantee: liability of liquidator for superannuation guarantee charge in respect of a GEERS advance
    • ATO ID 2011/63 (Withdrawn): Employee Share Scheme: director solely remunerated by options which are subsequently lost without being exercised
    • ATO ID 2011/97 (Withdrawn): Employee Share Scheme: valuing rights provided as consideration for the acquisition of new rights

Board of Taxation reports

The Government has released the following reports from the Board of Taxation:

The Government has indicated that these reports will be considered alongside submissions received in response to the Re:Think Tax Discussion Paper.

Certain private companies removed from transparency rules

Treasury has released exposure draft legislation to remove the obligation for the Commissioner of Taxation to publish tax information for Australian owned private companies with total income of $100 million or more. This measure will continue to apply to Australian public companies and foreign owned multinationals operating in Australia. Submissions are due 3 July 2015.

FIFO/DIDO arrangements

The Government has released its response to the House of Representatives Standing Committee on Regional Australia report Cancer of the bush or salvation for our cities? Fly-in, fly-out and drive-in, drive-out workforce practices in Regional Australia. The Government has agreed to recommendations regarding a review of aspects of the Fringe Benefits Tax that impact fly-in, fly-out (FIFO) and drive-in, drive-out (DIDO) work practices and regarding Zone Tax Offsets, noting that these will be considered as part of the Tax Reform White Paper process.

Asia Region Funds Passport

The Asia Pacific Economic Cooperation (APEC) Finance Ministers have issued a media releasenoting that the Asia Region Funds Passport is on-track for launch in 2016.

Progress of Bills

The following Bills were passed by the House of Representatives yesterday, and will now proceed to the Senate: