Australian Taxation Office
New or updated materials on ATO website, including:
- Updated Practice Statement PS LA 2005/24, which sets out guidance on how the ATO might apply Part IVA and other general anti-avoidance rules (GAAR). The ATO is seeking comment on the draft update by 25 September 2015.
Progress of Bills
Tax Laws Amendment (Small Business Measures No. 3) Bill 2015, which proposes to give effect to a number of 2015-16 Federal Budget measures including the small business tax offset for individuals, allowing small businesses to immediately deduct certain costs incurred when starting up a business and to extend the FBT exemption relating to work-related portable electronic devices, was passed by the Senate yesterday. This Bill now awaits Royal Assent.
Parliament sits next week
- 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 Wednesday
- Tax and Superannuation Laws Amendment (2015 Measures No 2) Bill 2015, which 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, listed for debate in the House of Representatives on Monday
- Omnibus Repeal Day (Autumn 2015) Bill 2015, which amends or repeals legislation across a number of Government portfolios including some redundant tax provisions, listed for debate in the House of Representatives on Tuesday, Wednesday and Thursday
The latest Report on Unproclaimed Legislation indicates that Schedule 1 of the Customs Amendment (Anti-Dumping Measures) Bill (No 1) 2015 and Customs Tariff (Anti-Dumping) Amendment Bill 2015, which both seek to strengthen and modernise Australia's anti-dumping laws, are both anticipated to commence by proclamation by September 2015.