ATO documents

Tax Determination

TD 2016/17: Income tax: in what circumstances does a contractual right, which is subject to the satisfaction of a condition, become a right to acquire a beneficial interest in a share for the purposes of subsection 83A-340(1) of the Income Tax Assessment Act 1997?. Refer to our Riposte here for further details.

Class Rulings

CR 2016/84: Income tax: in specie distribution by Centuria Capital Limited and creation of a new stapled entity.

Other news

Government consulting on non-resident withholding taxes for collective investment vehicles

On 3 November, Treasury released a consultation paper outlining various policy proposals for collective investment vehicle non-resident withholding taxes. The proposals include introducing a uniform 5% withholding tax rate on distributions by certain collective investment vehicles. Submissions are due by 2 December 2016. Refer to our Riposte here for further details.

Draft legislation to apply GST to low value imported goods less than $1,000

On 4 November, Treasury released exposure draft legislation to apply GST to low value goods imported by consumers from 1 July 2017. Submissions are due by 2 December 2016.

Progress of legislation

Parliament resumed sitting on 7 November 2016.

As at 7.11.16

 

Bill

Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number

Description

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

14.9.16

       

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

International Tax Agreements Amendment Bill 2016

1.9.16

 12.10.16

12.10.16 

13.10.16 

 20.10.16/64

Gives force of law to Australia - Germany DTA.

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

1.9.16

 

 

 

 

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.

Treasury Laws Amendment (Income Tax Relief) Bill 2016

1.9.16

 10.10.16

10.10.16 

12.10.16 

 20.10.16/65

Raises personal income tax threshold.

Budget Savings (Omnibus) Bill 2016

31.8.16

 14.9.16

 14.9.16

 15.9.16

 16.9.2016/55

Amongst other things, reduces the tax offsets under the research and development tax incentive (previously included in lapsed Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015).