Australian Taxation Office

New or updated materials on ATO website, including:

  • Domestic reporting system for Common Reporting Standard (CRS): ATO has undertaken targeted consultation with financial institutions and released a short consultation paper on a proposed domestic reporting system for Australia's implementation of the CRS for the automatic exchange of financial account information
  • Class rulings to be released on Wednesday
  • New and withdrawn ATO Interpretative Decisions (ATO IDs):
    • ATO ID 2015/21 ECT: concessional contributions - reserve
    • ATO ID 2015/22 ECT: concessional contributions - allocation from 'pension reserve account' supporting 'complying lifetime pension'
    • ATO ID 2012/32 (Withdrawn) Excess Contributions Tax: concessional contributions - reserves
    • ATO ID 2012/84 (Withdrawn) Excess Contributions Tax: concessional contributions - allocation from 'pension reserve account' supporting 'complying lifetime pension'
  • Updated: Matters under consultation by the ATO, as at 3 August 2015, including updates to existing consultation matters and the following new matters:
    • effective life reviews for a range of depreciating assets
    • record keeping requirements for foreign general insurers
    • foreign investment reforms
    • foreign currency hedging transactions
  • Request to adjust concessional contributions: form for members of self-managed super funds (SMSFs) to notify the ATO of concessional contributions made during a year but not allocated by the SMSF until a later year.