Australian Taxation Office

New or updated materials on ATO website, including:

  • Information alert and media release regarding the Government’s proposal to allow small business to immediately deduct each depreciating asset that costs less than $20,000 from 12 May 2015.
  • New and withdrawn ATO Interpretative Decisions (ATO IDs):
    • ATO ID 2015/11: Superannuation: meaning of 'Legally Qualified Medical Practitioners'
    • ATO ID 2010/193 (Withdrawn): Rental property expenses: co-owner rents the property
  • Rulings to be issued on Wednesday: including a draft tax determination regarding whether a cost in relation to a debt interest covered by paragraph 820-40(1)(a) of the Income Tax Assessment Act 1997 (ITAA 1997) is deductible under section 25-90 of the ITAA 1997 (or, alternatively, under subsection 230-15(3) of the ITAA 1997) where that amount is incurred in earning income that meets the requirements of both section 23AH of the Income Tax Assessment Act 1936 and section 768-5 of the ITAA 1997.

Significant Investment and Premium Investor Visa programs

Minister for Trade and Investment, Andrew Robb, and Assistant Minister for Immigration and Border Protection, Michaelia Cash, announced the complying investment framework arrangements for the enhanced Significant Investment Visa (SIV) and new Premium Investor Visa (PIV). Further information on the new complying investment framework for the SIV and PIV can be found onAustrade webpage.