Australian Taxation Office

New or updated materials on ATO website, including:

  • Rulings issuing on Wednesday, include a draft tax ruling on the application of TOFA (Division 230) to swaps, and a final determination in relation to life insurance companies and asset pool transfers (previously issued as TD 2015/D6)

Treaty negotiations with Israel

Treasury is seeking submissions on issues that may arise with negotiating a new tax treaty with Israel, following the former Treasurer's announcement last week that Australia intends to commence treaty negotiations with Israel. Submissions close on Friday 30 October 2015.

New ministry

Prime Minister Malcolm Turnbull announced his new ministry yesterday, with the following notable changes:

  • Scott Morrison as Treasurer
  • Kelly O'Dwyer as Assistant Treasurer and Minister for Small Business
  • Mathias Corman remains as Minister for Finance.

Final Budget Outcome 2014-15

The Treasurer and Minister for Finance have released the Final Budget Outcome 2014-15, its annual report which encompasses Australian Government general government sector fiscal outcomes for the 2014-15 financial year.