Australian Taxation Office
New or updated materials on ATO website, including:
- Updated: PS LA Program, as at 3 September 2015
- SMSF questions and answers
- Tax transparency - report of corporate income tax and RRT information - basic information provided by the ATO about its forthcoming publication of income tax and resource rent tax (RRT) information for certain entities, including confirmation that the first report will be published in mid-December 2015. Refer also to PwC's TaxTalk article for further details.
- 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, listed for debate in the House of Representatives on Wednesday.
- Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 is listed for debate in the House of Representatives on Wednesday and proposes to:
- amend scrip-for-scrip roll-over relief
- remove the income tax exemption for employees of an Australian government agency who work overseas for not less than 91 continuous days in delivery of Official Department Assistance, and
- increase the account balance threshold below which small lost superannuation member accounts will be required to be transferred to the Commissioner of Taxation
- Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015, which proposes to abolish the seafarer tax offset and reduce the R&D tax incentive offset, listed for debate in the Senate on Tuesday.
- Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015 is listed for debate in the Senate on Monday and proposes to:
- provide tax relief for certain mining arrangements
- increase the statutory effective life of in-house software
- provide income tax look-through treatment for instalment warrants and similar arrangements, and
- amend the company loss recoupment rules (including to deal with companies with shares with unequal share rights).