ATO documents

Taxation Ruling

TR 2018/3: Income tax: tax treatment of long term construction contracts. This was previously released in draft form as TR 2017/D8 – refer to our Riposte here.

Class Ruling

CR 2018/11: Income tax: 'Cunningham Lindsey Australia Early Retirement Scheme 2018'

Law Companion Rulings

LCR 2018/1: GST on low value imported goods

LCR 2018/2: GST on supplies made through electronic distribution platforms

LCR 2018/3: When is a redeliverer responsible for GST on a supply of low value imported goods?

Addendum - Taxation Ruling

TR 2002/14: Income tax: taxation of retirement village operators. For further details, refer to our Riposte here.

Withdrawal - Class Ruling

CR 2012/22: Income tax: demerger of Lyell Resources Limited by Bondi Mining Limited

Revised draft legislation on hybrid mismatches

On 7 March 2018, the Government released revised draft legislation to incorporate the previously released exposure draft legislation released on 24 November 2017 (refer to our Ripostes here and here for further details) as well as rules to address branch mismatch arrangements and to introduce the previously announced integrity rule. Comments are due by 4 April 2018.

ATO updates advice under development

The ATO has announced on its website that it proposes to release new and updated guidance on a number of international tax issues including thin capitalisation, transfer pricing and debt/equity rules, the diverted profits tax and corporate tax residency (central management and control).

Progress of legislation

As at 9.3.18

Bill

Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

Description

Makes various amendments to the Consolidation regime.

Status

Passed House of Reps 28.2.18.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018

Description

Implements new rules for foreign residents owning Australian housing, technical amendments to streamline the foreign investment framework and introduces tax incentives to boost investment in affordable housing.

Status

Passed House of Reps 1.3.18.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2018

Description

Establishes the foundation for the Government's new Fintech framework. Makes a number of technical amendments to the Early Stage Venture Capital Limited Partnership, Venture Capital Limited Partnership and Tax Incentives for Early Stage Investor regimes.

Status

Introduced into House of Reps 8.2.18.

Bill

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

Description

Makes several regulatory amendments, repeals inoperative provisions, extends tax relief for merging superannuation funds, and amends the GST laws relating to property.

Status

Passed House of Reps 27.2.18.

Bill

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018

Description

Introduces various measures aimed at curbing participation in the "Black economy".

Status

Introduced into House of Reps 7.2.18.

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 Senate 15.02.18.

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 Senate 12.2.18.

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 the Senate 13.11.17.

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 Senate 12.2.18.

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.