PR 2017/14: Income tax: tax consequences of investing in the LPP I Asset Pooling Authorised Contractual Scheme

TD 2017/19: Income tax: what are the reasonable travel and overtime meal allowance expense amounts for the 2017-18 income year?

Withdrawn Interpretative Decisions

ATO ID 2001/221: Deductions - tax shortfall penalty ATO ID 2002/608: Deductions & Expenses - overseas sportsperson ATO ID 2002/935: Deductibility of a retainer paid to a legal firm ATO ID 2002/943: Union Election Expenses ATO ID 2003/616: Deductibility of damages/compensation payment made to third party for damage caused to motor vehicle in the course of employment ATO ID 2009/27: ADI Guarantee Fee Deduction

OECD releases guidance on effective collection of VAT/GST on cross-border sales

The OECD has released new implementation guidance to promote the effective collection of VAT/GST on cross-border sales. This report is the first in a series of “implementation packages” to support the effective and consistent implementation of the recommended approaches included in the 2015 Final Report on Action 1 "Addressing the Tax Challenges of the Digital Economy" of the Base Erosion and Profit Shifting (BEPS) Project.

High Court special leave granted in Thomas

The High Court has granted the Commissioner special leave to appeal the Full Federal Court decision in Thomas & Anor v FCT [2017] FCAFC 57, which dealt with trust franking credit streaming issues.

Progress of legislation

As at 27.10.17

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

Awaiting Royal Assent.

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

Introduced into the Senate 19.10.17.

Bill

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

Description

Part of Government Housing Affordability Package.

Status

Introduced into the Senate 19.10.17.

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.