Australian Taxation Office
New or updated materials on ATO website, including:
- Notice of intent to claim a deduction for a super contribution
- Unpaid super: guide for individuals to determine if their employers are paying them super
Corporate tax avoidance
The interim report of the Senate Economics Committee on its inquiry into corporate tax avoidance was tabled in the Senate yesterday. The interim report makes 17 recommendations focused on:
- evidence of tax avoidance and aggressive minimisation
- multilateral efforts to combat tax avoidance and aggressive minimisation
- potential areas of unilateral action to protect Australia's revenue base, and
- the capacity of Australian government agencies to collect corporate taxes.
The inquiry will continue, with the final report due by 30 November 2015.
Legislation cleared for introduction into Federal Parliament
The following Bills have been cleared for introduction into Federal Parliament, but are not listed for introduction today:
- Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill
- Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill (which will seek to remove the obligation for the Commissioner to publish tax information for Australian owned private companies)
The Government has announced that the Productivity Commission will commence an inquiry into Australia's intellectual property arrangements. The inquiry is intended to ensure "that the intellectual property system provides appropriate incentives for innovation, investment and the production of creative works while ensuring it does not unreasonably impede further innovation, competition, investment and access to goods and services."
The Government has announced that it will make amendments to draft legislation regarding superannuation governance arrangements following consultation on the exposure draft legislation earlier this year.
Tax Expenditures Statement
A Parliamentary inquiry is currently looking at how Treasury can improve transparency for the Government's Tax Expenditure Statement. The transcript of a public hearing held in Canberra last week is now available, with another hearing being held today.