Australian Taxation Office

New or updated materials on ATO website, including:

  • Large Business Focus for 2015-16 year: The ATO has this morning released a list of its compliance focus areas for 2015-16 for large businesses, including:
    • in relation to GST, integrity of business systems, compliance on property transactions, implementation of proposed new measures for low-value goods and digital products and services
    • international profit shifting generally, including thin capitalisation, offshore hub arrangements and related party financing
    • trust schemes, restructures, research and development claims, application of the consolidation regime, exploration expenditure deductions, bank branch attribution, and privatisation and public infrastructure transactions.
  • Class rulings, product rulings and addendum to product ruling issued yesterday
  • Additional draft Law Companion Guidelines (LCGs) regarding the proposed new tax regime for Attribution Managed Investment Trusts (comments due 29 January 2016):
    • LCG 2015/D12: Attribution Managed Investment Trusts: dividend, interest and royalty withholding
    • LCG 2015/D13: Attribution Managed Investment Trusts: withholding in respect of 'fund payments'
  • The ATO has advised that it will be consulting with stakeholders on the implementation of the recently enacted measure requiring 'significant global entities' to lodge general purpose financial statements with the ATO if they do not already lodge them with ASIC.

Commissioner releases first tax transparency report

The Commissioner of Taxation has released the first data under the tax transparency measures, relating to the 2013-14 income year. These measures require the Commissioner of Taxation to report certain income tax information for corporate tax entities with total income of $100 million or more (except for Australia-owned private companies with total income of less than $200 million), and Petroleum Resource Rent Tax (PRRT) and Minerals Resource Rent Tax (MRRT) information for all PRRT and MRRT taxpayers. The information is available on the website. Guidance material is available on the ATO website.