Australian Taxation Office

New or updated materials on ATO website, including:

Limiting certain FBT concessions

Treasury has released exposure draft legislation on measures announced in the 2015-16 Federal Budget to limit fringe benefit tax (FBT) concessions on certain salary packaged entertainment benefits from 1 April 2016 for employees of public benevolent institutions, health promotion charities and employees of public and not-for-profit hospitals and public ambulance services. Closing date for submissions is 21 August 2015.

Senate hearing on tax avoidance

The Senate Economics References Committee will hold a public hearing tomorrow in Sydney in relation to its inquiry on corporate tax avoidance. A number of pharmaceutical companies, as well as the Commissioner of Taxation, are scheduled to appear.

Register of foreign investment in agriculture

The Treasurer has issued a media release regarding the increased scrutiny and transparency of foreign investment in Australian agriculture. From 1 July 2015 all foreign investors who hold interests in agricultural land must register those interests with the ATO regardless of the value of that land. All existing holdings must be registered with the ATO by 31 December 2015 and any new interests registered within 30 days.

Superannuation

  • The Government has announced it will amend the income tax law to ensure the existing MySuper tax relief covers the consequences of transfers within a super fund, where the transfer is required under the law.
  • Tax and Superannuation Laws Amendment (Terminal Medical Conditions) Regulation 2015, registered yesterday, amends various regulations to extend the certification period for a terminal medical condition to 24 months for the purposes of releasing benefits from superannuation and the tax-free treatment of those benefits.

Disclosure of information to combat financial crime

Taxation Administration Amendment (Disclosure of Information) Regulation 2015, registered today, amends the Taxation Administration Regulations 1976 to allow the release of protected information to combat serious financial crime.