ATO documents

Class Rulings

CR 2016/85: Fringe benefits tax: employer clients of Community CPS Australia Limited trading as Beyond Bank Australia who are subject to the provisions of either section 57A or section 65J of the Fringe Benefits Tax Assessment Act 1986 and make use of the Meal Entertainment Card facility

CR 2016/86: Income tax: assessable income: payments received under the South Australian Stolen Generations Reparations Scheme

Tax cases

Blank v Commissioner of Taxation [2016] HCA 42 (9 November 2016): The High Court has dismissed the taxpayer’s appeal and held that payments of US$160m made to the taxpayer pursuant to a profit participation agreement were assessable as income according to ordinary concepts and not as capital gains. Refer to our Riposte here for further details.

Other news

Government introduces superannuation reform package bills

On 9 November, the Government introduced 3 bills to implement the Government’s superannuation reforms announced in the 2016-17 Federal Budget and in later announcements (refer to our Riposte here for details of those announcements). This follows the release of draft legislation in September 2016. .

Progress of legislation

As at 11.11.16

Bill

Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number

Description

Superannuation (Objective) Bill 2016

9.11.16

       

Superannuation reform package

Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016

9.11.16

       

Superannuation reform package

Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016

9.11.16

       

Superannuation reform package

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

14.9.16

       

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

1.9.16

 12.10.16

12.10.16 

13.10.16 

 20.10.16/64

Gives force of law to Australia - Germany DTA.

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

1.9.16

 

 

 

 

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

1.9.16

 10.10.16

10.10.16 

12.10.16 

 20.10.16/65

Raises personal income tax threshold.

Budget Savings (Omnibus) Bill 2016

31.8.16

 14.9.16

 14.9.16

 15.9.16

 16.9.2016/55

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).