Australian Taxation Office
New or updated materials on ATO website, including:
- TR 2015/D4: Deductions for mining and petroleum exploration expenditure
- Withdrawal notice for TR 98/23 Income tax: mining exploration and prospecting expenditure
- Updated decision impact statement on ZZGN and Commissioner of Taxation case concerning whether various expenditure was 'exploration expenditure' within the meaning of paragraph 37(1)(a) of the Petroleum Resource Rent Tax Assessment Act 1987 - update reflects newly issued TR 2015/D4
- Class ruling issued yesterday
- Measuring tax gaps in Australia, 2014-15 - overview of the ATO's estimates of gaps relating to the collection of GST, fuel tax credits, PAYG withholding, excise and the luxury car tax, including background information, such as why the ATO measure tax gaps, why they exist and its estimation approaches.
- SuperStream: simplifying employer contributions
- Test case litigation program
This TaxTalk Alert, The new exploration ruling - digging for uncertainty, provides an overview of TR 2015/D4, released yesterday, regarding the deductibility of mining and petroleum exploration expenditure.
Review of ATO's audit of employer obligations
The Inspector-General of Taxation has released the Terms of Reference for his review into the ATO's audits of employer obligations (including obligations under the superannuation, PAYG withholding and FBT regimes), and called for submissions, which can be made until 11 December 2015.
Tax Expenditures Statement
The transcripts of public hearings held in Canberra last week in relation to the Parliamentary inquiry looking at how Treasury can improve transparency for the Government's Tax Expenditure Statement are now available.