ATO documents

Taxation Determinations 

TD 2016/10: Income tax: what is the Indicator Lending Rate applicable to capital protected borrowings under subsection 247-20(5) of the Income Tax Assessment Act 1997 and subsection 247-80(4) of the Income Tax (Transitional Provisions) Act 1997?

Class Rulings

CR 2016/41: Fringe benefits tax: employer clients of Smartgroup Corporation Ltd who are subject to the provisions of section 57A of the Fringe Benefits Tax Assessment Act 1986 that make use of the ANZ Entertainment Benefits Card facility

CR 2016/42: Income tax: deductibility of donations to Launch Housing Limited under a Payment Direction Deed 

CR 2016/43: Fringe benefits tax: employer clients of PBI Benefit Solutions Pty Ltd who are subject to the provisions of section 57A of the Fringe Benefits Tax Assessment Act 1986 that make use of the Westpac Entertainment Benefits Card facility 

CR 2016/44: Income tax and fringe benefits tax: customers who use the Smartrak Aust. Pty Ltd Fleet Management System (FMS) system for car log book records and for odometer records 

CR 2016/45: Income tax: scrip for scrip roll-over - exchange of units in The Airlie Share Fund for units in The Airlie Concentrated Share Fund

ATO Guidelines

PCG 2016/9: Attribution Managed Investment Trusts: clearly defined rights on transition to the AMIT regime in 2017

Practice Statements

PS LA 2016/4: Maintaining the Australian Business Register

Tax cases

D Marks Partnership by its General Partner Quintaste Pty Ltd v. Commissioner of Taxation [2016] FCAFC 86 (22 June 2016): The Full Federal Court held that a registered limited partnership was not a “corporate limited partnership” for tax purposes as there was no partnership under general law.

Other news

Corporations Act relief for AMITs

On 21 June 2016, ASIC registered an instrument to enable a responsible entity of a registered scheme to change the scheme's constitution without a members' meeting to meet AMIT requirements.

ATO administrative treatment of “no goodwill” professional practices

The ATO has released its administrative treatment of the acquisition and disposal of interests in ‘no goodwill’ professional partnerships, trusts and incorporated practices.  This replaces withdrawn TD 2011/26 and draft TDs 2011/D9 and 2011/D10.  

EU directive on tax avoidance

On 21 June 2016, the European Council announced that it has agreed on a draft directive to address tax avoidance practices used by corporate groups. The directive will ensure that the OECD anti-BEPS measures are implemented in a coordinated manner in the EU.

Progress of legislation

As at 24.06.16

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.