ATO documents

Class Rulings

CR 2017/8: Fringe benefits tax: employers who are clients of Westhill Pty Ltd as trustee for the ASP Trust trading as Airport Security Parking and who enter into a Corporate Bailment Agreement

CR 2017/9: Income tax: CMI Limited - off-market share buy-back

Law Companion Guidelines 

LCG 2017/D3: Superannuation Reform: Transfer Balance Cap - Superannuation death benefits

Other news

Consultation paper on increasing transparency of the beneficial ownership of companies

On 13 February 2017, the Government released a consultation paper seeking views on increasing the transparency of the beneficial ownership of companies, including options for a beneficial ownership register for companies. Submissions are due by 13 March 2017. Refer to our Riposte here for further details.

Progress of legislation

The Diverted Profits Tax Bill 2017 and the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 have been referred to the Senate Economics Legislation Committee for report by 20 March 2017.

As at 17.02.17

Bill

Treasury Laws Amendment (2017 Measures No. 1) Bill 2017

Description

Innovation Measures; ASIC

Status

Introduced into House of Reps 16.2.17

Bill

Treasury Laws Amendment (GST Low Value Goods) Bill 2017

Description

GST imposed on low cost imported goods

Status

Introduced into House of Reps 16.2.17

Bill

Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017

Description

Diverted profits tax; Multinational tax avoidance; Transfer pricing

Status

Introduced into House of Reps 9.2.17

Bill

Diverted Profits Tax Bill 2017

Description

Diverted profits tax

Status

Introduced into House of Reps 9.2.17

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package

Status

Introduced Senate 23.11.16. Awaiting passage by Senate.

Bill

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

Description

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

Status

Passed Senate 9.2.2016

Bill

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Description

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.

Status

Introduced in the House 1.9.16