ATO documents

Taxation Determinations 

TD 2016/8: Income tax: what is the car limit under section 40-230 of the Income Tax Assessment Act 1997 for the 2016-17 financial year?

Product Rulings

PR 2016/7: Income tax: tax consequences of investing in equities using the Macquarie Geared Equities Investment plus (2013 Product Brochure)

Withdrawn Interpretative Decisions 

ATO ID 2002/825: Deductions and Expenses: Farm Management Deposits and Superannuation Contributions

ATO ID 2003/374: Non Commercial Losses: Real Property Test - Partnership assets 10 June 2016 

ATO ID 2009/26: Primary Production: farm management deposit - assessable primary production income

Practice Statements 

PS LA 2001/8: ATO Interpretative Decisions 

PS LA 2016/3: The cancellation of registrations in the Australian Business Register

PAYG Variations 

Effective Life 2016/1: Income Tax (Effective Life of Depreciating Assets) Amendment Determination 2016 (No. 1) Taxation 

ATO interim guidance on 2016 unit trust distribution statements

The ATO has released interim guidance on the application of s.104-71(1) table item 7 in determining the tax deferred and CGT concession components of unit trust distributions. The ATO says that it expects to issue a draft taxation determination on the issue in the near future.

Progress of legislation

As at 10.06.16

Bill

Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number

Description

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

17.3.16

       

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

Superannuation Legislation Amendment (Choice of Fund) Bill 2016 - LAPSED

17.3.16

       

Extend superannuation choice of fund to employees covered by enterprise agreements and workplace determinations made from 1 July 2016.

Superannuation Legislation Amendment (Transparency Measures) Bill 2016 - LAPSED

17.3.16

       

Sets out disclosure rules for superannuation portfolio holdings and choice product dashboards

Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016

16.3.16

 2.5.2016

3.5.2016 

 4.5.16

5.5.2016/54 

Tax incentives for early stage innovation; amends early stage venture capital limited partnership (ESVCLP) and venture capital limited partnership (VCLP) regimes. 

Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016 

10.2.16

 3.3.16

 16.3.16

 4.5.16

5.5.2016/52 

GST treatment of digital services by overseas providers; GST rules to cross-border supplies that involve non-resident entities; Farm management deposits (FMDs) 

Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 

4.2.16

 22.2.16

 23.2.16

 29.2.16

 8.3.2016/18

Allows small businesses to change their entity structure without incurring a capital gains tax liability

Tax Laws Amendment (Implementation of the Common Reporting Standard) 2015

3.12.15

 8.2.15

 22.2.16

29.2.16 

 18.3.16/23

Implements the Common Reporting Standard for the automatic exchange of financial account information

Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 

3.12.15

 10.2.16

 22.2.16

 4.5.16

 5.5.16/53

New MIT System

Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015 

3.12.15

 4.2.2016

4.2.2016 

 22.2.16

25.2.16/10 

Amendments to the treatment of earnout arrangements and introduces a new collection mechanism.

Tax Laws Amendment (Combating Multinational Tax Avoidance) 2015

16.9.15

 19.10.15

 10.11.15 

 3.12.15

11.12.15/170

Implements a new multinational anti-avoidance law. Introduces stronger penalties for large companies that engage in tax avoidance and profit shifting. Introduces country-by-country reporting to give tax authorities greater visibility of multinationals' tax structures.

Superannuation Legislation Amendment (Trustee Governance) 2015 - LAPSED

16.9.15

 19.10.15

 9.11.15

   

Amends the Superannuation Industry (Supervision) Act 1993 to change the governance requirements for superannuation funds. 

Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015 - LAPSED

27.5.15

 17.6.15

 18.6.15

   

Amongst other things, reduces the tax offsets under the research and development tax incentive.