ATO documents

Class Rulings

CR 2016/52: Income tax: Westpac Banking Corporation - Westpac Capital Notes 4

CR 2016/53: Income tax: APN News & Media Limited - demerger of NZME Limited

CR 2016/54: Income tax: AMP Capital Infrastructure Equity Fund - creating a new stapled security

Other news

Voluntary Tax Transparency Code – first signatories

The Board of Taxation has released the names of the first 10 companies to be signatories to its Corporate Tax Transparency Code Register, following the release of the Board’s final report on the introduction of a Tax Transparency Code in the 2016-17 Budget. The companies include AMP, ANZ, BHP, Cochlear, Rio Tinto, South 32, Stockland, Telstra and Vicinity Centres.

Treasury releases report on ‘Brexit’ implications for Australia

On 22 July, the Government released a report from the Council of Financial Regulators on the implications of the UK’s vote in favour of exiting the European Union immediately and in the medium to longer term. The report considers that “the effect of Brexit on the Australian economy is expected to be very small.” Refer to our Riposte on the potential commercial and tax implications of Brexit.

Progress of legislation

Parliament will resume on Tuesday, 30 August 2016. The Prime Minister has indicated that measures announced in the 2016-17 Budget will be presented before the end of the year.

As at 22.07.16

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.