Australian Taxation Office
New or updated materials on ATO website, including:
- Product ruling and addendum to be issued tomorrow. No major rulings scheduled to issue this week
- Real Property. Real Talk. - ATO discussion forum in issues relating to GST and property
- Small business benchmarks updated with 2012-13 data
- Withdrawn ATO IDs:
- ATO ID 2006/132: Eligible termination payments (ETP) - Journal entries insufficient to constitute payment of a death benefit ETP made under ETP provisions (withdrawn due to change in law from 2007-08 income year)
- ATO ID 2007/99: Deductions for personal superannuation contributions: employees receiving periodic workers' compensation payments
Debt / equity tax rules
The Government has released the Board of Taxation's accelerated report into one component of the debt and equity tax rules. The Board recommends reforms to the related schemes provisions and the equity over-ride rule, which the Government has indicated that it will proceed with, stating that it will "consult on exposure draft legislation to implement the Board of Taxation's recommended approach in the coming months". The Board's report on other elements of the review of the debt and equity tax rules was delivered to Government on 31 March 2015 and will be released at a later time.
The Productivity Commission has released an issues paper that addresses barriers to services exports. The Commission is seeking information and evidence on a range of issues, including whether aspects of Australia's taxation policy creates a distortionary environment for services exports, and how these arrangements compare to those in key competitor countries. Submissions can be made until Friday 15 May 2015.