Australian Taxation Office

New or updated materials on ATO website, including:

  • GIC rate for September 2015 quarter is 9.15%
  • Rulings issuing tomorrow, including:
    • a draft tax ruling on unpaid present entitlements and the maximum net asset value test in the CGT small business concessions
    • a draft tax determination on the whether a release by a private company of its unpaid present entitlement is a "payment" for the purposes of the deemed dividend rules in Division 7A, and
    • a draft tax determination on whether a beneficiary of a trust is entitled to a bad debt deduction for the amount of an unpaid present entitlement to trust income that the beneficiary has written off as a bad debt

Tax cuts for individuals to be repealed

Media reports over the weekend have indicated that Shadow Treasurer Chris Bowen has confirmed that the Labor Party will support the repeal of tax cuts for individuals due to take effect on 1 July 2015. The repeal of these cuts is contained in Labor 2013-14 Budget Savings (Measures No 1) Bill 2014, which is currently before the House of Representatives.

Greens call for reform of negative gearing

The Australian Greens have announced a package of reform to remove negative gearing for new investment properties and invest the proceed in social and public housing