ATO Documents

Class Rulings CR 2019/52 Netstar Australia Pty Ltd telematics system - use for FBT car logbook record and odometer records CR 2019/53 Department of Health and Human Services - SIL and STAA early retirement scheme 2019 CR 2019/54 Clients of EROAD (Australia) Pty Ltd who use the EROAD Fuel Tax Credits Product Report information showing litres allocated according to travel generated by EROAD Fuel Tax Credits product for fuel tax credit purposes CR 2019/55 Mackay Sugar Limited - conversion of shares and variation of rights

Product Ruling PR 2019/6 Income tax: taxation consequences of investing in Bell Equity Lever Instalment Receipts

Practical Compliance Guideline PCG 2017/2 Simplified transfer pricing record-keeping options

Other News

Board of Taxation releases corporate tax residency consultation paper

The Board of Taxation has released a consultation paper in relation to its review of the operation of Australia’s corporate tax residency rules.  Submissions are due by 4 October 2019.

Exposure draft for miscellaneous technical amendments released

On 6 September, Treasury released an exposure draft bill and regulations containing miscellaneous amendments to correct technical or drafting defects, remove anomalies and address unintended outcomes in legislation. This includes changes to the Income Tax Assessment Act 1997 (Cth) and Fringe Benefits Tax Assessment Act 1986 (Cth).  

Progress of legislation

As at 13.09.19

Bill

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019

Description  

Prevent small business CGT concessions from being available for partner assignments; extend anti-avoidance rule for closely held trusts to include family trusts that undertake circular trust distributions; deny deductions relating to holding vacant land; ATO disclosure of business tax debts to credit reporting bureaus; prevent salary sacrifice from reducing SG contributions; electronic invoicing implementation; TOFA amendments

Status

Introduced into the Senate 01.08.19.

Bill

Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2019

Description

Reintroduces lapsed Bill containing superannuation measures.  Measure to provide one-off amnesty for employers not meeting their superannuation obligations included in lapsed Bill have not been included.

Status

Introduced into the Senate  12.09.19

Bill

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

Description

Reintroduces lapsed Bill to prohibit creditor-defeating dispositions of company property; improve accountability of resigning directors; allow Commissioner to collect estimates of anticipated GST liabilities; make company directors personally liable for GST; authorise Commissioner to retain tax refunds.

Status

Introduced into the House of Reps 04.07.19.

Bill

Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019

Description

Reintroduces measures in lapsed Bill to amend thin capitalisation asset valuation rules, change GST Act for online hotel bookings; remove luxury car tax for re-imported cars refurbished overseas. Measures to broaden SGE definition and better target the R&D Tax Incentive included in lapsed Bill have not been included.

Status

Received Royal Assent 13.09.19. Act No 65 of 2019.  

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

Description

Reintroduces measures in lapsed Bill to establish 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 in the House of Reps 04.07.19.