Australian Taxation Office
New or updated materials on ATO website, including:
- TR 2015/D3: TOFA: Section 230-120 and the application of the accruals/realisation method to swaps
- TD 2015/17: Life insurers - asset pool transfers.
- Class rulings and addenda to product rulings released yesterday
- Addendum to GSTD 2012/2: GST consequences following sale of commercial premises subject to a lease
- A major step in global transparency: The ATO has undertaken its first ever automatic exchange of bank information with the US Internal Revenue Service
- Withdrawn ATO Interpretative Decisions (ATO IDs):
- ATO ID 2002/962 (Withdrawn): Fringe Benefits Tax - provision of a share or right to an employee by an entity that administers the employee share scheme is not a fringe benefit
- ATO ID 2003/234 (Withdrawn): Capital Allowances: Primary Production - Depreciating Assets - Water Facilities
- ATO ID 2003/439 (Withdrawn): Capital Allowances: allocating jointly held depreciating assets to a low-value pool
- ATO ID 2013/30 (Withdrawn): GST and the sale of commercial premises that are subject to a lease
- Decision impact statement in relation to the AusNet Transmission Group case concerning the deductibility of certain charges imposed by the State Government in relation to electricity transmission licences. Comments due by 21 October 2015.
- Decision impact statement in relation to Davies v Commissioner of Taxation concerning the application of former Division 13A of the ITAA 1936 to the grant of shares and options in the course of an employee share scheme. TD 2014/21 has been withdrawn as a result of this decision. Comments due by 21 October 2015.
Treasurer Scott Morrison and Finance Minister Mathias Cormann held a joint press conferenceyesterday to discuss the Government's tax reform agenda, the economy, and the budget. In this press conference, they confirmed:
- there has been no change to the Tax White Paper process. It is proceeding as intended, and the timetable for release of the green paper was never fixed
- the response to the financial systems inquiry is proceeding and is very close to completion and will be soon considered by Cabinet
- the response to the Harper Review and competition reforms is also proceeding in an orderly way and there remains some further discussion on those matters, and
- the Mid-Year Economic and Fiscal Outlook is on track to be delivered in December.
Senate inquiry on private companies and ATO transparency Bill
Refer to the transcript of the hearings into the Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015, which proposes to remove the obligation for the Commissioner to publish tax information for Australian owned private companies, where the ATO, Treasury, Federal Police and Tax Justice Network appeared. The Senate Economics Committee is due to report on the Bill by 12 October 2015.
ATO annual report
The transcript of last week's public hearing of the Senate Standing Committee on Tax and Revenue'sInquiry into the 2013-14 Annual Report of the ATO is now available. The Commissioner of Taxation, Inspector-General of Taxation and key stakeholders appeared and discussed, among other things, the ATO's technology platforms and communications, ATO compliance actions regarding Uber drivers, delays in the high-wealth individual tax gap estimate, cash economy and complaints handling by the Inspector-General.