ATO documents

Taxation Rulings TR 2016/1: Income tax: effective life of depreciating assets (applicable from 1 July 2016)

Taxation Determinations 

TD 2016/11: Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2016 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used? 

TD 2016/12: Income tax: capital gains: what is the improvement threshold for the 2016-17 income year under section 108-85 of the Income Tax Assessment Act 1997?

TD 2016/13: Income tax: what are the reasonable travel and overtime meal allowance expense amounts for the 2016-17 income year?

Class Rulings

CR 2016/46: Income tax: Returns of share capital: IPE Limited 

CR 2016/47: Income tax and fringe benefits tax: customers of Intellitrac Pty Ltd as trustee for The Calapai Family Trust trading as IntelliTrac who use the IntelliTrac FBT e-Logbook for their log book records

Goods and Services Tax Determinations 

GSTD 2016/2: Goods and services tax: can Division 142 of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) prevent refunds of increasing adjustments made under section 19-50 of the GST Act?

Notices of Withdrawal - Taxation Rulings 

TR 2015/2: Income tax: effective life of depreciating assets (applicable from 1 July 2015)

Legislative Determinations  - Goods and Services Tax 

RCTI 2016/D36: Draft Goods and Services Tax: Recipient Created Tax Invoice Determination (No. 36) 2016 for Recyclers 

RCTI 2016/D37: Draft Goods and Services Tax: Recipient Created Tax Invoice Determination (No. 37) 2016 for Research Grants 

WAN2016/D3: Draft Goods and Services Tax: Waiver of Adjustment Note Determination (No. 3) 2016 - Reverse Charged Supplies

Law Companion Guidelines 

LCG 2016/5: Foreign resident capital gains withholding regime: the Commissioner's variation power

LCG 2016/6: Foreign resident capital gains withholding regime: amount payable to the Commissioner

LCG 2016/7: Foreign resident capital gains withholding regime: options

Tax cases

Re Rowntree and FCT [2016] AATA 420: The AAT found that Division 7A of the Income Tax Assessment Act 1936 applied to various advances from a number of companies to the taxpayer, on the basis that there was no evidence of the existence of loans at the relevant time.

Other news

OECD releases guidance on implementation of country-by-country reporting

On 29 June 2016, the OECD released its guidance on the implementation of Country-by-Country Reporting. The guidance sets out transitional filing options for multinationals, its application to investment funds and partnerships and the impact of currency fluctuations to the agreed filing threshold.

Foreign resident CGT withholding – acquisitions from multiple entities

The ATO has registered an instrument in relation to the new foreign resident CGT withholding regime which commenced on 1 July 2016.  The instrument clarifies that where an asset is acquired from multiple entities, the amount withheld is reduced to the relevant vendor’s percentage interest in the asset.

Progress of legislation

As at 1.07.16

Bill

Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number

Description

Tax and Superannuation Laws Amendment (2016 Measures No 2) Bill 2016 - LAPSED

17.3.16

       

Remedial power for the Commissioner; Income tax averaging rules for farmers; luxury car tax; minor amendments correcting technical or drafting defects 

Superannuation Legislation Amendment (Choice of Fund) Bill 2016 - LAPSED

17.3.16

       

Extend superannuation choice of fund to employees covered by enterprise agreements and workplace determinations made from 1 July 2016.

Superannuation Legislation Amendment (Transparency Measures) Bill 2016 - LAPSED

17.3.16

       

Sets out disclosure rules for superannuation portfolio holdings and choice product dashboards

Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016

16.3.16

 2.5.2016

3.5.2016 

 4.5.16

5.5.2016/54 

Tax incentives for early stage innovation; amends early stage venture capital limited partnership (ESVCLP) and venture capital limited partnership (VCLP) regimes. 

Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016 

10.2.16

 3.3.16

 16.3.16

 4.5.16

5.5.2016/52 

GST treatment of digital services by overseas providers; GST rules to cross-border supplies that involve non-resident entities; Farm management deposits (FMDs) 

Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 

4.2.16

 22.2.16

 23.2.16

 29.2.16

 8.3.2016/18

Allows small businesses to change their entity structure without incurring a capital gains tax liability

Tax Laws Amendment (Implementation of the Common Reporting Standard) 2015

3.12.15

 8.2.15

 22.2.16

29.2.16 

 18.3.16/23

Implements the Common Reporting Standard for the automatic exchange of financial account information

Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 

3.12.15

 10.2.16

 22.2.16

 4.5.16

 5.5.16/53

New MIT System

Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015 

3.12.15

 4.2.2016

4.2.2016 

 22.2.16

25.2.16/10 

Amendments to the treatment of earnout arrangements and introduces a new collection mechanism.

Tax Laws Amendment (Combating Multinational Tax Avoidance) 2015

16.9.15

 19.10.15

 10.11.15 

 3.12.15

11.12.15/170

Implements a new multinational anti-avoidance law. Introduces stronger penalties for large companies that engage in tax avoidance and profit shifting. Introduces country-by-country reporting to give tax authorities greater visibility of multinationals' tax structures.

Superannuation Legislation Amendment (Trustee Governance) 2015 - LAPSED

16.9.15

 19.10.15

 9.11.15

   

Amends the Superannuation Industry (Supervision) Act 1993 to change the governance requirements for superannuation funds. 

Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 - LAPSED

27.5.15

 17.6.15

 18.6.15

   

Amongst other things, reduces the tax offsets under the research and development tax incentive.