Australian Taxation Office
New or updated materials on ATO website, including:
- Less than 1 week to disclose breaches of foreign investment rules - the reduced penalty period ends 30 November 2015
- Important changes to SMSF annual return
- ATO advice to employers: use SuperStream to cut admin by 70%
- ATO annual closure and other planned outages
The following Bills have progressed in Parliament:
- Tax and Superannuation Laws Amendments (2015 Measures No 5) Bill 2015, which proposes to modernise work-related car expenses, better target the Zone Tax Offset, limit the fringe benefits tax (FBT) concessions on salary packaged entertainment benefits, and introduce a range of new third party reporting measures, was introduced and debated in the Senate yesterday. This Bill has been passed by the Senate this morning and now awaits Royal Assent.
- The House of Representatives yesterday agreed to the Senate amendments to Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015, which seeks to strengthen the integrity of Australia’s foreign investment framework. The Bill has now completed its passage through Parliament and awaits Royal Assent.
Labor party policy
The Labor Party has announced its policy to reduce tobacco consumption by increasing excise. If elected to Government, Labor will deliver four 12.5 per cent rate increases in tobacco excise commencing on 1 July 2017.
Corporate tax avoidance
Competition policy review
The Government has released its response to the final report of the Competition Policy Review("Harper Review") , which made 56 recommendations for reforms across competition policy, laws and institutions. From a tax perspective, the Report recommended that indirect charges and taxes on road users, such as fuel excise and registration fees, should be reduced with the recommended introduction of direct cost-reflective road pricing. The Government has indicated that it supports this recommendation as a long term reform option.