Australian Taxation Office

New or updated materials on ATO website, including:

  • Updated! PS LA Program, as at 15 June 2015, includes a proposed new Practice Statement on ATO Advanced Pricing Arrangements, intended to replace PS LA 2011/1 which is to be withdrawn, scheduled to issue on 30 July 2015

Asia Region Funds Passport

This publication reviews fund regimes in jurisdictions participating in the Asia Region Funds Passport initiative, with a focus on specific tax issues and what may need to be considered in the future.

Renegotiated tax treaty with Germany

The Treasurer has announced that Australia and Germany are formally starting negotiations on a new Double Tax Agreement. Written submissions to help inform the negotiations can be made by 24 June 2015.

Tax Transparency

Assistant Treasurer Josh Frydenberg has written an opinion piece that featured in The Australian yesterday regarding the Government's plans to wind back the tax transparency measures which require the Commissioner of Taxation to publish certain tax information of large companies.

Consultation period for tax reform discussion paper extended

The Government has announced that it has extended the consultation period on the Re:think Tax Discussion Paper until 24 July 2015 to allow more time for interested parties to put their views into the process in relation to key interactions between the age pension, superannuation, taxation and employment.

Progress of Bills

The following Bills progressed in Parliament yesterday:

  • Crimes Legislation Amendment (Penalty Unit) Bill 2015, which proposes to increase the amount of the Commonwealth penalty unit to $180 with effect from 31 July 2015, and provides for the amount to be automatically adjusted every three years in line with inflation, was introduced and debated in the Senate.
  • Excise Tariff Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to reduce the rates of excise for domestically manufactured biodiesel and fuel ethanol to nil for a one-year period commencing on 1 July 2015, and then increase these rates each year from 1 July 2016, was passed by the House of Representatives with an amendment that changes the period over which biodiesel excise duty transitions to a final rate of 50 per cent of the diesel excise rate. This Bill will now proceed to the Senate.
  • Energy Grants and Other Legislation Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to remove grants for renewable diesel and biodiesel from 1 July 2015, was passed by the House of Representatives. This Bill will now proceed to the Senate.
  • Labor 2013-14 Budget Savings (Measures No 1) Bill 2014, which proposes to repeal the second round of carbon tax-related personal income tax cuts that are due to start on 1 July 2015, was introduced and debated in the Senate and since completed its passage through Parliament.
  • Superannuation Guarantee (Administration) Amendment Bill 2015, which proposes to remove the obligation for employers to offer a choice of superannuation fund to temporary resident employees, or when superannuation funds merge, was introduced and debated in the Senate.
  • Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015, which contains, among other things, proposed amendments to the Offshore Banking Unit (OBU) regime and amendments to implement the third element of the Investment Manager Regime (IMR), was passed by the House of Representatives with 13 Government amendments. The amendments make technical corrections and clarification amendments to the IMR provisions in relation to matters concerning sub-underwriting arrangements, permanent establishments and residents of foreign countries and participation interests of independent fund managers. This Bill will now proceed to the Senate.
  • The Senate Economic Legislation Committee tabled its report on Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015, which contains the proposed changes to the taxation of employee share schemes applicable from 1 July 2015, recommending that the Bill be passed by the Senate.