ATO Documents

Class Ruling

CR 2020/7 Department for Health and Wellbeing South Australia - 'Program 2' early retirement scheme 2020

Miscellaneous Taxation Ruling - Addendum

MT 2006/1A5 The New Tax System: the meaning of entity carrying on an enterprise for the purposes of entitlement to an Australian Business Number

Other News

ATO discussion paper on redemption of AT1 capital hybrid securities

There are issues with determining the market value of Additional Tier 1 capital hybrid securities when they are bought back or redeemed from an investor. The ATO’s advice and guidance issue list indicates that a discussion paper on this issue will be released in the week commencing 10 February 2020.

Progress of legislation

As at 07.02.20

Bill

Treasury Laws Amendment (2019-20 Bushfire Tax Assistance) Bill 2020

Description

Make government support payments to volunteer firefighters and relief and recovery payments and non-cash benefits provided by Australian governments non-assessable non-exempt income; update list of deductible gift recipients

Status

Passed both Houses 06.02.20

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

Description

Reintroduces measures in lapsed Bill to establish 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 in the Senate 17.10.19.

Bill

Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019

Description

Reintroduces measures in lapsed Bill to provide a one off amnesty for employers not meeting their superannuation obligations.

Status

Introduced in the Senate 02.12.19

Bill

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

Description

Reintroduces lapsed Bill to prohibit creditor-defeating dispositions of company property; improve accountability of resigning directors; allow Commissioner to collect estimates of anticipated GST liabilities; make company directors personally liable for GST; authorise Commissioner to retain tax refunds.

Status

Passed both Houses 05.02.20

Bill

Treasury Laws Amendment (2019 Measures No. 3) Bill 2019

Description

Amends the Income Tax Assessment Act 1936 to provide that the tax concessions for income received by minors from a testamentary trust only apply to income generated by assets of the deceased estate which are transferred to the testamentary trust or the disposal or investment of such assets. Also makes minor amendments to 30 Acts regarding taxation, superannuation, corporations and credit.

Status

Introduced in the House of Reps 05.12.19

Bill

Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019

Description  

Makes a number of amendments to the eligibility of taxpayers to claim the R&D tax offset and extends Part IVA of the Income Tax Assessment Act 1936 to include the R&D tax offset. Amends the existing R&D recoupment and feedstock adjustment clawback rules so the rules become consolidated and uniform.

Status

Introduced in the House of Reps 05.12.19