Friday 18 December will be our final edition of TaxTalk Today for 2015. We will be back in January with updates on tax-related developments that happen throughout the year.
Australian Taxation Office
New or updated materials on ATO website, including:
- Law Companion Guideline LCG 2015/3: Subdivision 815-E of the Income Tax Assessment Act 1997: Country-by-Country reporting
- Exploration Development Incentive participation form and instructions and additional guidance material
Petroleum Resource Rent Tax
Petroleum Resource Rent Tax Assessment Regulation 2015, registered yesterday, repeals and remakes the Petroleum Resource Rent Tax Assessment Regulations 2005.
The Minister for Trade and Investment Andrew Robb has announced that tariffs on high-tech goods imported into Australia will be eliminated under the Information Technology Agreement (ITA) reached by the World Trade Organisation. The ITA will cover a range of consumer electronics including headphones, loud speakers and amplifiers, as well as video game consoles and medical devices such as Magnetic Resonance Imaging (MRI) machines, electro cardiograph (ECG) machines and bionic ear implants. Subject to the domestic processes, Australia will begin implementing its commitments on 1 January 2017.
Voluntary tax transparency code
This TaxTalk Alert provides an overview of the Board of Taxation's preliminary recommendations for a voluntary tax transparency code for large and medium businesses.