Australian Taxation Office
New or updated materials on ATO website, including:
- Updated: FATCA guidance material
- PS LA 2009/6 (Withdrawn): Quality improvement and assurance: application of and conformance with the Integrated Quality Framework (withdrawn with effect from 24 April 2015)
- The ATO has advised that it will not be issuing any rulings this week.
Remedial powers given to Commissioner
On Friday, the Assistant Treasurer announced that the Government will provide the Commissioner of Taxation with a statutory remedial power to allow for a more timely resolution of certain unforseen or unintended outcomes in the taxation and superannuation law. This power will allow the Commissioner to make legislative instruments to modify the law in a manner that is favourable to taxpayers in order to achieve its purpose or object.
Foreign investment framework
In a joint media release, the Prime Minister and the Treasurer announced actions to strengthen the foreign investment framework following consultation earlier this year. Stronger enforcement of new and existing foreign investment rules is planned to be achieved by transferring all residential real estate functions to the ATO, allow the ATO to use data matching to identify breaches of the framework, and impose stricter penalties for breaches.
Employee Share Schemes
Income Tax Assessment Amendment (Employee Share Schemes) Regulation 2015, registered on Friday, amends the Income Tax Assessment Regulations 1997 to update the option valuation tables for Employee Share Scheme interests to reflect current market conditions and to extend the scope of the valuation tables so that it covers unlisted rights that may be exercised between 10 and 15 years, applicable from 1 July 2015.