Australian Taxation Office
New or updated materials on ATO website, including:
- Updated: PS LA Program, as at 5 November 2015
- Updated: Public Rulings Program, as at 5 November 2015, includes the following update:
- significant updates to 4 tax rulings on personal services income due to be released next year
Treasurer Scott Morrison gave a speech at the Economic and Social Outlook Conference yesterday titled 'A National Platform for Economic Growth and Jobs' in which he spoke about the Government's tax reform plans to provide a strong platform for growth. He discussed the need for tax reform in the context of the changing economy, Australia's heavy reliance on income taxes, and bracket creep. Prime Minister Malcolm Turnbull spoke at the same conference, emphasising the need for fairness in any tax reform proposals.
Both houses of Parliament are sitting next week. With just three sitting weeks remaining for the year, the legislative programs for the House of Representatives and the Senate are looking busy. The following Bills are scheduled for debate next week:
- Tax and Superannuation Laws Amendments (2015 Measures No 5) Bill 2015, which proposes to modernise work-related car expenses, better target the Zone Tax Offset, limit the fringe benefits tax (FBT) concessions on salary packaged entertainment benefits, and introduce a range of new third party reporting measures, is scheduled for debate in the House of Representatives on Tuesday.
- Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, is scheduled to be introduced into the Senate on Monday.
- Customs Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015 andCustoms Tariff Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015, which together seek to implement the China-Australia Free Trade Agreement, are scheduled to be introduced into the Senate on Monday.
- Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which will require trustees of registrable superannuation entities to have a minimum of one-third independent directors and an independent Chair on their boards, is scheduled to be introduced into the Senate on Tuesday.
This TaxTalk Alert discusses the recent release of an Australian tax framework for PPP structures commonly used for social infrastructure assets by the ATO.
Customs and Trade
Trade and Investment Minister Andrew Robb has issued a media release regarding the release of the text of the recently negotiated Trans-Pacific Partnership Agreement. The text of the agreement and related documents can be found on the Department of Foreign Affairs and Trade website.