ATO documents

Luxury Car Determinations 

LCTD 2017/1: Luxury car tax: what is the luxury car tax threshold and the fuel-efficient car limit for the 2017-18 financial year?

Bank levy

The Major Bank Levy Bill 2017 and Treasury Laws Amendment (Major Bank Levy) Bill 2017 were introduced into the House of Reps on 30 May 2017. These bills will implement the ‘major bank levy’ that was announced in the 2017/2018 Federal Budget.

Foreign resident CGT withholding

The Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017 was introduced into the House of Reps on 1 June 2017. It includes amendments to the foreign resident CGT withholding regime that were announced in the 2017/2018 Federal Budget ie., an increase in the foreign resident CGT withholding rate from 10% to 12.5% and a reduction in the withholding threshold from $2 million to $750,000, from 1 July 2017.

Progress of legislation

As at 2.6.17

Bill

Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) 2017

Description

Modifies the foreign resident CGT withholding regime - increases the withholding rate from 10% to 12.5% and reduces the withholding threshold from $2 million to $750,000.

Status

Introduced into House of Reps 1.6.17.

Bill

Treasury Laws Amendment (GST Integrity) 2017

Description

Reverse charge for business to business transactions involving precious metals; withdraws input tax credits for second hand valuable metal trades.

Status

Introduced into House of Reps 1.6.17.

Bill

Major Bank Levy Bill 2017

Description

Introduces a levy on ADIs with total liabilities of greater than $100 billion.

Status

Introduced into House of Reps 30.5.17.

Bill

Treasury Laws Amendment (Major Bank Levy) Bill 2017

Description

Various amendments to specify certain administrative features relating to the major bank levy.

Status

Introduced into House of Reps 30.5.17.

Bill

Treasury Laws Amendment (2017 Measures No. 2) Bill 2017

Description

Various superannuation amendments, including in relation to the transfer balance cap, concessional and non-concessional contributions, limited recourse borrowing arrangements, transition to retirement income streams and CGT relief for superannuation funds.

Status

Introduced into House of Reps 25.5.17.

Bill

Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Bill 2017

Description

Extends by 12 months to 30 June 2018 the period during which small business entities can access expanded accelerated depreciation rules.

Status

Passed House of Reps 31.5.17.

Bill

Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2017

Description

Increases the Medicare levy and Medicare levy surcharge low-income threshold.

Status

Introduced into House of Reps 24.5.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into House of Reps 11.5.17.

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property

Status

Introduced into House of Reps 30.3.17.

Bill

Treasury Laws Amendment (GST Low Value Goods) Bill 2017

Description

GST imposed on low cost imported goods

Status

Introduced into House of Reps 16.2.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.

Bill

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Description

Immediately reduces the tax rate for businesses with turnover of up to $10 million. Reduces the corporate tax rate for all businesses with an aggregated turnover of less than $50m to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business.

Status

Received Royal Assent on 19.5.17 as Act No. 41 of 2017.