Australian Taxation Office
New or updated materials on ATO website, including:
- Guidance on penalties and valuations
- ATO error in processing assessments with ETP tax offset
- Nominations for ATO SuperStream Reference Group
- Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015, which proposes to remove the obligation for the Commissioner to publish tax information for Australian owned private companies, was referred to the Economics Legislation Committee for inquiry and report by 12 October 2015.
- The draft programmes for the House of Representatives and the Senate are now available, and show the following Bills listed for debate next week:
- Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 is listed for debate in the House of Representatives on Monday and then in the Senate on Wednesday, and proposes to amend scrip-for-scrip roll-over relief, remove the income tax exemption for certain employees of an Australian government agency who work overseas, and increase the threshold relating to lost superannuation member accounts.
- Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 is listed for debate in the Senate on Monday and proposes to abolish the seafarer tax offset and reduce the R&D tax incentive offset.
- Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015 is listed for debate in the House of Representatives on Monday.
- The package of Bills which seek to strengthen the integrity of Australia’s foreign investment framework (Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015, Foreign Acquisitions and Takeovers Fees Imposition Bill 2015, and Register of Foreign Ownership of Agricultural Land Bill 2015) are listed for debate in the House of Representatives on Wednesday.
The second instalment of PwC's Tax Function of the Future publication series - Global tax transparency and risk management - The new landscape prompts changes to operations, strategy and budgets focuses on our predictions relating to global tax legislation and regulation, as well as risk management and how legislative and regulatory change will mandate transformation of the tax function.