ATO documents

Class Rulings 

CR 2017/14: Income tax: will the transaction item for a gift in a bank or credit card statement meet the requirements of a receipt under section 30-228 of the Income Tax Assessment Act 1997?

Law Companion Guidelines 

LCG 2016/8: Superannuation reform: transfer balance cap and transition-to-retirement reforms: transitional CGT relief for superannuation funds

LCG 2016/9: Superannuation reform: transfer balance cap

CbC reporting – international related party agreements

On 3 March the ATO released guidance on the provision of international related party agreements as part of the ‘local file’ for country-by-country reporting.

Progress of legislation

As at 10.03.17

Bill

Treasury Laws Amendment (2017 Measures No. 1) Bill 2017

Description

Innovation Measures – ESVCLP rules; ASIC

Status

Passed House of Reps 2.3.17

Bill

Treasury Laws Amendment (GST Low Value Goods) Bill 2017

Description

GST imposed on low cost imported goods

Status

Introduced into House of Reps 16.2.17

Bill

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017

Description

Diverted profits tax; Multinational tax avoidance; Transfer pricing

Status

Introduced into House of Reps 9.2.17

Bill

Diverted Profits Tax Bill 2017

Description

Diverted profits tax

Status

Introduced into House of Reps 9.2.17

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package

Status

Introduced Senate 23.11.16. Awaiting passage by Senate.

Bill

Tax and Superannuation Laws Amendment (2016 Measures No 2) Bill 2016

Description

Remedial power for the Commissioner; Income tax averaging rules for farmers; luxury car tax; minor amendments correcting technical or drafting defects.

Status

Assent on 28.2.2017 as Tax and Superannuation Laws Amendment (2016 Measures No 2) Act 2017, Act No 15 of 2017

Bill

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Description

Immediately reduces the tax rate for businesses with turnover of up to $10 million. Reduces the company tax rate for all businesses to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business. Increases turnover thresholds.

Status

Introduced in the House 1.9.16