Australian Taxation Office

New or updated materials on ATO website, including:

  • TD 2015/D2: CGT small business concessions: unpaid present entitlements (UPEs) and the maximum net asset value test.
  • TD 2015/D4: The release by a private company of its UPE is a 'payment' within the meaning of Division 7A of the Income Tax Assessment Act 1936.
  • TD 2015/D5: The beneficiary of a trust is not entitled to a deduction under s25-35 for the amount of a UPE that the beneficiary has purported to write off as a bad debt.
  • Class rulings and erratum issued yesterday
  • Withdrawn ATO ID 2013/15: Deductions and expenses: unpaid present entitlement and bad debt deduction
  • Refund of franking credits for endorsed entities - 2015 applicationinstructions and FAQs

Single Touch Payroll

The Government has announced that Treasury and the ATO will undertake further consultation regarding the scope and timing of the Single Touch Payroll initiative, recognising that a July 2016 start date may not be achievable for many businesses. Treasury and the ATO will also consider the feasibility of conducting targeted pilots from July 2016.