Australian Taxation Office

New or updated materials on ATO website.

Managed Investment Trusts

This Tax Talk Alert provides a comprehensive overview of the features of the exposure draft legislation for the proposed new tax regime for Managed Investment Trusts released yesterday and is supplemented by Tax Talk Insights specific to the infrastructureinvestment managementand real estate industries.

Senate inquiry into tax avoidance

The transcript of Wednesday's hearings by the Senate Committee Inquiry into corporate tax avoidance is now available.

Senate inquiry on digital currencies

The transcript of the Senate Economics Committee public hearing held on Tuesday as part of itsinquiry into Bitcoin and other cryptocurrencies is now available.

GST on imported digital services

The Treasurer yesterday in a press conference indicated that there may be law changes to impose tax on imported digital services. Specifically, he said there is an emerging OECD consensus that "GST should be charged at the source, so a company providing intangible services into Australia, such as media services or so on, wherever they are located, they should charge GST on those services." No further details as to what these changes may entail were provided.

GST distribution between states and territories

The Commonwealth Grants Commissioner issued its report commissioned by the Government which considered the methods and principles for the distribution of GST revenue between the states and territories. The Commission concluded that the assessment principles and approaches used in previous years should be retained for application from 2015-16 with some improvement made in specific areas. The Treasurer's comments in the press conference referred to above reflected some of the findings in the report.