Australian Taxation Office
New or updated materials on ATO website, including:
- Rulings scheduled to issue this week, including tax determinations setting out the Division 7A benchmark interest rate applicable from 1 July 2015 and the 2015-16 depreciation car limit to issue on Wednesday. A practice statement on advance pricing arrangements is scheduled to issue on Thursday.
- New depreciation and capital expenses and allowances page which consolidates all ATO material dealing with capital allowances and expenses
- Employer FAQs: Getting ready for SuperStream
Third party reporting and data matching
Treasury has released exposure draft legislation and a range of supporting materials from the ATO regarding the proposed measures to enhance third party reporting and data matching. The following transactions will be subject to the enhanced reporting requirements from 1 July 2016:
- government grants and payments
- real property transfers
- transfers of reportable securities and units in a trust, and
- business transactions made through payment systems.
Closing date for submissions on the exposure draft law is 14 August 2015. The ATO is also seeking feedback on the administration aspects of this measure via its Let's Talk website.