Australian Taxation Office

New or updated materials on ATO website, including:

Legislation introduced into Parliament

The following Bills have been introduced in the House of Representatives this morning:

Progress of Bills

Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015 was passed by the House of Representatives yesterday and introduced into the Senate. This Bill 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 (including to deal with companies with shares with unequal share rights).

Export Market Development Grant Scheme

The report from a review of the Export Market Development Grant (EMDG) scheme titled, Certainty and Confidence, Exports and Jobs for a Changing Global Economy, was tabled in Parliament yesterday. The review notes that the scheme continues to be effective in meeting its goals of bringing benefits to Australia by encouraging the creation, development and expansion of overseas markets for Australian goods, services, intellectual property and know-how, but makes a number of recommendations for its improvement.