Australian Taxation Office

New or updated materials on ATO website, including:

  • TD 2015/14: Reasonable travel and overtime meal allowance expense amounts for the 2015-16 income year.
  • TD 2015/13: The CGT improvement threshold for the 2015-16 year is $143,392
  • Various Class Rulings and Addendum to Miscellaneous Tax Ruling MT 2006/1: meaning of entity carrying on an enterprise for the purposes of entitlement to an Australian Business Number
  • Standard documents for the new ESS start-up concession
  • Updated: ATO matters under consultation, as at 1 July 2015, includes the following new matters:
    • Lease-in Lease-out (LILO) arrangements
    • Foreign hybrid election
    • Petroleum resources rent tax – regulations for integrated petroleum operations
    • Minor amendments to public guidance products following the MBI Properties High Court decision relating to property
    • Single Touch Payroll
    • On-line support for financial planners
    • Pilot of ‘OK letter’ for individual taxpayers with simple affairs
    • Improving communication of tax law changes
    • Improving the business experience

Employee Share Schemes

Income Tax Assessment (Methods for Valuing Unlisted Shares) Approval 2015, registered yesterday, sets out methods that can be applied by some companies that issue employee share scheme (ESS) interests to work out their market value for the purposes of complying with the ESS provisions from 1 July 2015

Senate inquiry on corporate tax avoidance

The transcript of yesterday's public hearing of the Senate Economics References Committee's inquiry on corporate tax avoidance is now available. Representatives from pharmaceutical companies were questioned on their corporate structures, supply chains into Australia, transfer pricing policies and amount of tax paid in Australia. The Commissioner of Taxation and Deputy Commissioner, Public Groups International, also appeared.

TaxTalk

July 2015 edition of TaxTalk Monthly is now available. This month's featured articles include:

  • South Australian 2015-16 Budget - A bold move
  • Tax Function of the Future
  • Funds Passport Regimes in Asia Pacific - Taxing Issues
  • FIFO workers: travel costs considered otherwise deductible

TaxTalk also includes a monthly roundup of developments in corporate tax, employment tax, indirect tax (including GST and customs update), international tax, superannuation, legislative updates and other news updates.

Foreign investors in agricultural land

This LegalTalk Alert discusses the new rules requiring all new acquisitions by foreign investors of interests in Australian agricultural land to be registered with the Australian Government. Existing foreign investors with interests in Australian agricultural land have until 31 December to register their interests.