ATO documents

Draft Taxation Rulings

TR 2016/D2: Income tax: distributions from foreign companies - meaning of 'at the time the distribution is made' when applying the participation test. Refer to our Riposte here for further details on the draft ruling.

Class Rulings

CR 2016/70: Income tax: scrip for scrip roll-over: merger of OneVue Holdings Limited and Diversa Limited

CR 2016/71: Income tax: Royal Dutch Shell plc. combination with BG Group plc. - CGT scrip for scrip roll-over

CR 2016/72: Income tax: Telstra Corporation Limited - off-market share buy-back

Addenda -Taxation Rulings

TR 2006/10: (Public Rulings)

Debt/equity amendments

On 10 October 2016, Treasury released draft legislation to amend the tax debt/equity rules. The amendments seek to give effect to recommendations made by the Board of Taxation in its report on the related scheme and equity override provisions, including the repeal of both s.974-80 and the Division 974 related schemes rules, and replacing them with a new aggregation test under which multiple schemes can be treated as single schemes. Treasury has also released a draft legislative instrument, which provides examples of the operation of the new aggregation rules to certain arrangements. Refer to our Riposte here for further details on the draft legislation.

Progress of legislation

Federal Parliament resumed on 10 October 2016.

As at 14.10.16


Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number


Tax and Superannuation Laws Amendment (2016 Measures No 2) Bill 2016



Remedial power for the Commissioner; Income tax averaging rules for farmers; luxury car tax; minor amendments correcting technical or drafting defects.

International Tax Agreements Amendment Bill 2016






Gives force of law to Australia - Germany DTA.

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016





Immediately reduces the tax rate for businesses with turnover of up to $10 million. Reduces the company tax rate for all businesses to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business. Increases turnover thresholds.

Treasury Laws Amendment (Income Tax Relief) Bill 2016






Raises personal income tax threshold.

Budget Savings (Omnibus) Bill 2016






Amongst other things, reduces the tax offsets under the research and development tax incentive (previously included in lapsed Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015).