ATO documents

Taxation Determinations

TD 2016/16: Income tax: will the ordinary or statutory income of a self-managed superannuation fund be non-arm's length income under subsection 295-550(1) of the Income Tax Assessment Act 1997 (ITAA 1997) when the parties to a scheme have entered into a limited recourse borrowing arrangement on terms which are not at arm's length?

Class Rulings

CR 2016/66: Income tax: CGT rollover - exchange of shares in Ecosave Holdings Limited for shares in Ecosave Holdings Inc.

CR 2016/67: Income tax: the 'Griffith University Early Retirement Scheme 2016.'

Addenda - Class Rulings

CR 2014/75: Fringe benefits tax: employer clients of Emerchants Payment Solutions Limited (Emerchants) who are subject to the provisions of either section 57A or section 65J of the Fringe Benefits Tax Assessment Act 1986 and make use of the Emerchants' Living Expenses Card facility

Other news

ATO guidance on exemption from country-by-country reporting

The ATO has released guidance outlining the general principles and processes it follows when considering an exemption request with respect to some or all of an entity’s country-by-country reporting obligations.

OECD releases comments received on branch mismatch structures discussion draft

On 23 September, the OECD published comments received on its Branch Mismatch Structures paper in relation to Action 2 (Neutralising the Effects of Hybrids Mismatch Arrangements) of the BEPS Action Plan.  Refer to our Riposte here for further details on the discussion draft.

Debt/equity amendments

Although not yet formally announced, Greenwoods & Herbert Smith Freehills understands that exposure draft legislation to implement some of the recommendations made by the Board of Taxation in its debt and equity review may be released later this year.

Progress of legislation

As at 30.9.16


Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number


Tax and Superannuation Laws Amendment (2016 Measures No 2) Bill 2016



Remedial power for the Commissioner; Income tax averaging rules for farmers; luxury car tax; minor amendments correcting technical or drafting defects.

International Tax Agreements Amendment Bill 2016






Gives force of law to Australia - Germany DTA.

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016






Immediately reduces the tax rate for businesses with turnover of up to $10 million. Reduces the company tax rate for all businesses to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business. Increases turnover thresholds.

Treasury Laws Amendment (Income Tax Relief) Bill 2016






Raises personal income tax threshold.

Budget Savings (Omnibus) Bill 2016






Amongst other things, reduces the tax offsets under the research and development tax incentive (previously included in lapsed Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015).