Australian Taxation Office

New or updated materials on ATO website, including:

  • New and withdrawn ATO Interpretative Decision (ATO IDs):
    • ATO ID 2015/27: Income tax: non-arm's length income - related party non-commercial limited recourse borrowing arrangement to acquire listed shares
    • ATO ID 2015/28: Income tax: non-arm's length income - related party non-commercial limited recourse borrowing arrangement to acquire real property
    • ATO ID 2014/39 (Withdrawn): Income Tax: non-arm's length income - related party non-commercial limited recourse borrowing arrangement to acquire listed shares
    • ATO ID 2014/40 (Withdrawn): Income Tax: non-arm's length income - related party non-commercial limited recourse borrowing arrangement to acquire real property
  • Self-managed super funds: Non-arm's length limited recourse borrowing arrangements

Royal Assent to Bill

Tax and Superannuation Laws Amendments (2015 Measures No 5) Bill 2015, which modernises work-related car expenses, better targets the Zone Tax Offset, limits the fringe benefits tax (FBT) concessions on salary packaged entertainment benefits, and introduces a range of new third party reporting measures, received Royal Assent yesterday.

Foreign acquisitions and takeovers

Foreign Acquisitions and Takeovers Legislation (Transitional) Rule 2015, registered yesterday, ensures that time limits will apply where an application was made under Australia’s Foreign Investment Policy, before the commencement of the Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 (Amending Act) and where a person applied for a certificate under paragraph 3(e), (h) or (r) of the Foreign Acquisitions and Takeovers Regulations 1989 before the commencement of the Amending Act.