Australian Taxation Office
New or updated materials on ATO website, including:
- Decision Impact Statement on Desalination Technology Pty Limited case concerning whether R&D expenditure was "incurred" for the purposes of the former R&D tax incentive. Comments due 18 January 2016
- Agricultural land register - FAQs
- Amendments to the income tax transparency laws
- CGT concessions for small business - overview
- Administrative treatment regarding the proposed new tax regime for Attribution Managed Investment Trusts
- GIC rate for March 2016 quarter is 9.22%
- SIC rate for March 2016 quarter is 5.22%
National Innovation and Science Agenda
The Government yesterday released its National Innovation & Science Agenda that contains a range of tax-related measures and incentives to encourage innovation. These include:
- increasing access to company losses through relaxation of the same business test
- changes to Venture Capital Limited Partnership provisions
- new tax incentives for investors in innovative start-ups
- changes to tax depreciation of intangible assets, and
- reforms to Employee Share Schemes.
The Treasurer's media release regarding tax incentives included in the package is also available online.
The ATO has given notice of a new data matching program covering real property transactions (including acquisitions and disposals of real property, and rental bond details) for the period 20 September 1985 to 30 June 2017. The purpose of the program is to ensure that taxpayers are correctly meeting taxation and other program obligations administered by the ATO in relation to their dealings with real property. These obligations include registration, lodgment, reporting and payment responsibilities.