ATO documents

Class Ruling

CR 2018/18: Income tax: demerger of Instreet Investment Australia Limited by Instreet Investment Limited

Legislative Determination

STP 2018/1: PAYG Withholding annual reporting exemptions: Single Touch Payroll optional year

Withdrawn Interpretative Decisions

ATO ID 2002/1028: Assessability of United Kingdom Lump Sum Bereavement Payment ATO ID 2002/384: Assessability of an ex gratia payment made by a foreign government to an eligible veteran of a foreign Merchant Navy ATO ID 2002/385: Capital gains tax: CGT event H2: ex-gratia lump sum payment ATO ID 2002/640: Assessability of monthly compensation payments from Chile ATO ID 2003/1083: Exemption with progression: whether dependant allowance amounts deductible under Hong Kong tax law are included in 'notional gross tax' and 'notional gross taxable income' ATO ID 2003/324: Deductions: rental property expenses: property investment seminar ATO ID 2006/127: Dual residency under the double tax agreement between Australia and New Zealand (the New Zealand Convention)

Other news

ATO administrative treatment of stapled structures reforms

On 17 April 2018, the ATO updated its website in respect of the Government’s proposed measures for stapled structures and other associated issues, including outlining the ATO’s administrative treatment of the reforms. For further details of the stapled structures measures announced on 27 March, refer to our Riposte here and our Tax Brief here.

OECD practice note on limiting excessive interest deductions on mining revenues

On 18 April 2018, the OECD released a draft practice note to help policymakers and tax authorities in developing countries address profit shifting from their mining sectors via excessive interest deductions, having regard to the recommendations in BEPS Action 4. Comments on the draft are due by 18 May 2018.

Progress of legislation

As at 20.4.18

Bill

Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018

Description

The Bill makes amendments to the Multinational Anti-Avoidance Law, the Small Business CGT Concessions, and Fintech and Venture Capital.

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018

Description

The Bill gives the force of law in Australia to the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (2018 Measures No. 4) Bill 2018

Description

Implements the Government’s Superannuation Guarantee (SG) integrity package, extends Single Touch Payroll, and changes Super Fund reporting requirements.

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

Description

Makes various amendments to the Consolidation regime.

Status

Received Assent 28.3.18. Act No.14 of 2018.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018

Description

Implements new rules for foreign residents owning Australian housing, technical amendments to streamline the foreign investment framework and introduces tax incentives to boost investment in affordable housing.

Status

Introduced into Senate 19.3.2018.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2018

Description

Establishes the foundation for the Government's new Fintech framework. Makes a number of technical amendments to the Early Stage Venture Capital Limited Partnership, Venture Capital Limited Partnership and Tax Incentives for Early Stage Investor regimes.

Status

Introduced into House of Reps 8.2.18.

Bill

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

Description

Makes several regulatory amendments, repeals inoperative provisions, extends tax relief for merging superannuation funds, and amends the GST laws relating to property.

Status

Received Assent 29.3.18. Act No.23 of 2018.

Bill

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018

Description

Introduces various measures aimed at curbing participation in the "Black economy".

Status

Introduced into House of Reps 7.2.18.

Bill

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

Description

Replaces the former Exploration Development Incentive with the Junior Mineral Exploration Tax Credit.

Status

Received Assent 28.3.18. Act No.15 of 2018.

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Introduced into Senate 12.2.18.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

Description

Fund the NDIS by amending the Medicare Levy Act 1986 to increase the Medicare levy rate from 2 to 2.5% of taxable income for the 2019-20 income year and later income years.

Status

Introduced into Senate 13.11.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into Senate 12.2.18.

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property.

Status

Introduced into Senate 22.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16.