Australian Taxation Office

New or updated materials on ATO website, including:

Foreign Investment Laws

This LegalTalk Alert provides an overview of the proposed new Foreign Investment Laws, for which the Bills were introduced into Parliament last week.

APRA-regulated superannuation funds

APRA has released a consultation package on governance arrangements for APRA-regulated superannuation trustees (RSE licensees). The package proposes amendments to APRA’s governance prudential framework in light of the government’s proposed legislative amendments to require boards of RSE licensees to have at least one-third independent directors, including an independent chair. Submissions on the draft prudential standards and prudential practice guides can be made by 23 October 2015.

Treasury

Treasury has released its Corporate Plan 2015-16 indicating its current priorities are promoting fiscal sustainability, increasing productivity and workforce participation and securing the benefits of global economic integration.

Goods and Services Tax (GST)

The Full Federal Court judgment in the Rio Tinto Services Ltd case, where the Court dismissed the taxpayer's appeal concerning the taxpayer's entitlement to input tax credits in relation to remote area employee housing, is now available.