Australian Taxation Office

New or updated materials on ATO website, including:

  • Updated: Matters under consultation, including the following new items:
    • review of private advice
    • GST adjustments and windfall gains
    • guidance update - interpretation of 'in Australia'
    • review of TOFA disclosure requirements in the income tax returns
    • small Business CGT Asset Valuation Project 
    • domestic travel allowance expenses– reasonable rates and safe harbours for meals, incidentals and accommodation
    • fuel tax credits – improving the client experience

New start date for accelerated depreciation for farmers

The Government has announced that the start date of the 2015-16 Federal Budget proposal for accelerated deductions for the cost of water facilities, fodder storage assets and fencing will be brought forward to 12 May 2015 (previously announced to commence from 1 July 2016). This measure was introduced into Parliament this morning (see below).

Progress of Bills in Parliament

Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015, which contains the proposed changes to the taxation of employee share schemes applicable from 1 July 2015, was passed by the House of Representatives yesterday. This Bill will now proceed to the Senate. Also see the media release from the Minister for Small Business.

Bills introduced into Parliament this morning

The following Bills have been introduced into the House of Representatives this morning: