TD 2017/20: Income tax: is a person who is not a beneficiary of the trust capable of having a distribution made to them for the purposes of section 272-60 of Schedule 2F to the Income Tax Assessment Act 1936?

CR 2017/78: Income tax: Seymour Whyte Limited Scheme of Arrangement and Special Dividends CR 2017/79: Fuel tax credits: clients of GPSI Group Pty Ltd who use the Fuel Tax Credit Report generated by the GPSI FleetConnect System for calculating the kilometres travelled in a vehicle as a record for fuel tax credit purposes CR 2017/80: Income tax: Programmed Maintenance Services Limited - Scheme of Arrangement and Special Dividend CR 2017/81: Income tax: 'Radio Frequency Systems Pty Limited Retirement Scheme 2017'

Withdrawn Interpretative Decisions

ATO ID 2002/1090: Assessable income: Grant to undertake a feasibility study ATO ID 2003/1087: Deductibility of fine imposed by employer ATO ID 2004/149: Assessable income: receipt of government grant by a school bus operator ATO ID 2004/317: Capital Allowances: involuntary disposal - two or more replacement assets ATO ID 2004/724: Capital allowances: balancing adjustment event - sale of business - pooled plant ATO ID 2006/122: Assessable income: derivation of Commonwealth funding - Cooperative Research Centres (CRC) Programme ATO ID 2006/239: Deduction: payments to spouse by an employee who receives performance bonuses ATO ID 2011/69: Assessability of temporary living expenses grant

South Australian bank levy will not proceed

On 15 November, the Budget Measures Bill 2017 (SA), containing the proposed South Australian bank levy, was laid aside.

Progress of legislation

As at 17.11.17

Bill

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

Description

Replaces the former Exploration Development Incentive with the Junior Mineral Exploration Tax Credit.

Status

Introduced into House of Reps 19.10.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Introduced into House of Reps 18.10.17.

Bill

Treasury Laws Amendment (2017 Measures No 6) Bill 2017

Description

Amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money.

Status

Act No. 118 of 2017.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into the Senate 18.10.17.

Bill

First Home Super Saver Tax Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into the Senate 18.10.17.

Bill

Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Passed Senate 15.11.17.

Bill

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Passed Senate 15.11.17.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

Description

Fund the NDIS by amending the Medicare Levy Act 1986 to increase the Medicare levy rate from 2 to 2.5% of taxable income for the 2019-20 income year and later income years.

Status

Introduced into House of Reps 17.8.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into House of Reps 11.5.17.

Bill

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

Description

Similar business test; Effective life assessment on intellectual property.

Status

Introduced into Senate 22.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.