Australian Taxation Office
New or updated materials on ATO website, including:
- Market value private rulings: find out the advantages of applying for a market value private ruling
Common Reporting Standard
Treasury has released exposure draft legislation for comment to give effect to the legislative requirements for Australian financial institutions in implementing the OECD’s Common Reporting Standard (CRS) for the automatic exchange of financial account information, effective from 1 January 2017. Specifically, the draft law will require certain Australian financial institutions to report information to the Commissioner of Taxation about financial accounts held by foreign residents. In order to identify relevant accounts, financial institutions will need to carry out the due diligence procedures outlined in the OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters. Comments are due by 9 October 2015.
Negotiations for tax treaty with Israel
The Treasurer has announced that Australia will commence negotiations for a new Double Tax Agreement with Israel.
The following Bills progressed in Parliament yesterday
- Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, was referred to the Senate Economics Legislation Committee for report on the provisions of the Bill by 9 November 2015.
- Customs Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015 andCustoms Tariff Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015, which together seek to implement the China-Australia Free Trade Agreement, were referred to the Senate Foreign Affairs, Deference and Trade Legislation Committee for report on provisions of the Bills by the next working day after the tabling of the report of the Foreign Affairs Defence and Trade References Committee on the China-Australia Free Trade Agreement.
- Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which require trustees of registrable superannuation entities to have a minimum of one-third independent directors and an independent Chair on their boards, was referred to the Senate Economics Legislation Committee for report on the provisions of the Bill by 9 November 2015.
- Foreign Acquisitions and Takeovers Legislation Amendments Bill 2015 and related Bills, which seek to strengthen the integrity of Australia’s foreign investment framework, were passed by the House of Representatives and introduced into the Senate.