Australian Taxation Office

New or updated materials on ATO website, including:

  • The following redundant Law Administration Practice Statements have been withdrawn:

Paying Taxes 2016

The annual study from PwC and the World Bank Group, Paying Taxes 2016, was launched overnight. The study investigates and compares tax regimes across 189 economies, ranking them according to the relative ease of paying taxes. Paying Taxes 2016 looks not only at corporate income tax, but at all of the taxes and contributions that a domestic medium-size case study company must pay. It considers the full impact of all these taxes in terms of both their tax cost and their compliance burden on business. You can download the full report, read the key findings, and even use the onlineinteractive data modeller to compare results across countries, and geographic and economic regions.

Parliament

Both houses of Parliament are sitting next week. The legislative programmes for the House of Representatives and the Senate are now available, and list the following tax and superannuation Bills scheduled for debate next week:

  • 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, is scheduled for debate in the House of Representatives on Monday, and in the Senate on Wednesday subject to passage by the House of Representatives.
  • Treasury Legislation Amendment (Repeal Day 2015) Bill 2015, which proposes to simplify the superannuation guarantee (SG) charge, enable the Commissioner of Taxation to pay certain superannuation amounts directly to individuals with a terminal medical condition, to remove the requirement for superannuation funds to lodge a separate biannual lost members statement and to amend the tax law to remove a number of inoperative or spent provisions including the tax-exempt infrastructure borrowing concession, is scheduled for debate in the House of Representatives on Thursday
  • Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which will require trustees of registrable superannuation entities to have a minimum of one-third independent directors and an independent Chair on their boards, is scheduled for debate in the Senate on Monday.
  • Foreign Acquisitions and Takeovers Legislation Amendment Bill 2015, which seeks to strengthen the integrity of Australia’s foreign investment framework, is scheduled for debate in the Senate on Monday.
  • Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, is scheduled to return to the Senate on Tuesday.

International tax

  • The latest edition of VAT News highlights indirect tax developments in Europe and Latin America, including the Her Majesty's Revenue and Customs' views on VAT grouping following a recent case, proposals in Denmark for tax authorities to request payment information in connection with certain supplies to Danish private customers by foreign vendors, as well as a number of recent developments in Brazil.