Australian Taxation Office

New or updated materials on ATO website, including:

  • TD 2015/D1: A cost in relation to a debt interest is not deductible under s25-90 or s230-15(3) of the Income Tax Assessment Act 1997 (ITAA 1997) where that amount is incurred in earning non-assessable non-exempt income that meets the requirements of both s23AH of the Income Tax Assessment Act 1936 and s768-5 of the ITAA 1997
  • Class rulings and addenda released yesterday
  • GST adjustments and windfall gains - ATO discussion paper: The ATO has released a technical discussion paper on its Let's Talk website regarding the application of Division 142 of the GST Act (regarding refunding excess GST) to GST adjustments under Division 19 of the GST Act. The paper sets out the ATO's preliminary views for the purposes of generating discussion and comments. The discussion is open until 12 June 2015

Labor support for some Budget measures

Shadow Treasurer Chris Bowen indicated in his speech at the National Press Club yesterday that Labor will support the passage of the following tax-related Budget measures: change to taxation of holders of Work and Holiday visa holders, the removal of the zone tax offset for fly-in fly out workers, and the changes to the work-related car expense deduction methods.

Royal Assent to Bills

Customs Amendment (Anti-Dumping Measures) Bill (No 1) 2015 and Customs Tariff (Anti-Dumping) Amendment Bill 2015, which both seek to strengthen and modernise Australia's anti-dumping laws, have received Royal Assent.