ATO documents

Product Rulings

PR 2016/9: Income tax: TFS Indian Sandalwood Project 2016 Sophisticated Investor Offer 31 December 2016.

Draft Practical Compliance Guideline

PCG 2016/D17: ATO compliance approach - exploration expenditure deductions. Refer to our Riposte here for further details.

Practical Compliance Guideline

PCG 2016/18: GST and countertrade transactions. Refer to our Riposte here for further details.

Taxpayer Alert

TA 2016/12: Trust income reduction arrangements.

Tax cases

Bywater Investments Limited v Commissioner of Taxation; Hua Wang Bank Berhad v Commissioner of Taxation [2016] HCA 45 (16 November 2016): The High Court has dismissed the taxpayers’ appeals and held that four companies incorporated overseas were Australian residents for tax purposes because their ‘central management and control’ was located in Australia. Accordingly, their profits made from share trading on the ASX were subject to tax in Australia. Refer to our Riposte here for our analysis of the High Court’s decision.

Progress of legislation

As at 18.11.16


Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number


Superannuation (Objective) Bill 2016



Superannuation reform package

Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016



Superannuation reform package

Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016



Superannuation reform package

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.

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.