ATO documents

Taxation Determinations 

TD 2017/10: Income tax: capital gains: can costs that you incur after a CGT event happens be 'related to' that CGT event for the purpose of working out your incidental costs?

Class Rulings 

CR 2017/22: Income tax: Commonwealth Bank of Australia - CommBank PERLS IX Capital Notes

Product Rulings 

PR 2017/2: Income tax: deductibility of interest in relation to investment in units in the Macquarie Flexi 100 Trust issued on or before 30 June 2020

Law Companion Guidelines 

LCG 2016/10: Superannuation reform: capped defined benefit income streams - non commutable, lifetime pensions and lifetime annuities

Legislative Determinations

Variation 55: Foreign resident capital gains withholding payments -income tax exempt entities

CRP 2017/D1: Draft Taxation Administration (Remedial Power - Foreign Resident Capital Gains Withholding Tax) Determination 2017. This represents the first use of the Commissioner’s remedial power. The draft determination proposes to modify the tax credit provisions to enable vendors to claim a credit for amounts paid to the Commissioner under the foreign resident capital gains withholding rules in the same income year that the relevant transaction is recognised for tax purposes.

Notices of Withdrawal

TD 23: Capital Gains: Can incidental costs incurred after an asset is disposed of form part of the cost base of the asset?

The ATO has withdrawn a number of other taxation rulings and determinations that mostly related to repealed law. The full list of rulings and determinations can be found here.

Legislative Determinations - Goods and Services Tax

The ATO has released finalised a number of draft GST determinations, which will replace and repeal existing determinations. A full list of the draft determinations can be found here.

Diverted profits tax

The Treasury Laws Amendment (Combating Multinational Tax Avoidance) Bill 2017 and Diverted Profits Tax Bill 2017 received Royal Assent on 4 April 2017.

Progress of legislation

Treasury Laws Amendment (2017 Measures No. 1) Bill 2017 also received Royal Assent on 4 April 2017.

As at 7.04.17

Bill

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

Description

Same business test; Effective life assessment on intellectual property

Status

Introduced into House of Reps 30.3.17.

Bill

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

Description

Innovation Measures – ESVCLP rules; ASIC

Status

Received Royal Assent on 4.4.17 as Act No. 26 of 2017.

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

Received Royal Assent on 4.4.17 as Act No. 27 of 2017.

Bill

Diverted Profits Tax Bill 2017

Description

Diverted profits tax

Status

Received Royal Assent on 4.4.17 as Act No. 21 of 2017.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package

Status

Introduced into 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

Assent on 28.2.2017 as Tax and Superannuation Laws Amendment (2016 Measures No 2) Act 2017, Act No 15 of 2017.

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 with an aggregated turnover of less than $50m to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business.

Status

Passed Senate with amendments 31.3.17. Awaiting reintroduction into the House of Reps.