ATO documents

CR 2017/7: Income tax: 'South32 Worsley Alumina Early Retirement Scheme 2017'

Taxpayer Alert

TA 2017/1: Re-characterisation of income from trading businesses. In Taxpayer Alert TA 2017/1 the ATO outlines various approaches that it may seek to apply to eliminate perceived tax benefits from arrangements that fragment integrated trading businesses in order to re-characterise trading income into more favourably taxed passive income, not limited to arrangements involving stapled structures, including Division 6C and Part IVA. Refer to our Tax Brief for further details

Progress of legislation

As at 03.02.17

Parliament will resume sitting on Tuesday 7 February

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

Introduced in the House 14.09.16.

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.