Australian Taxation Office
New or updated materials on ATO website, including:
- Administrative treatment regarding the proposed reduction to the R&D tax offset rates from 1 July 2014 - ATO systems will automatically apply the rates as enacted until the law is changed, after which affected taxpayers should seek amended assessment
- Taxable payments annual report - Effectiveness measurement: analysis of the impacts of the taxable payments reporting system in improving compliance in the building and construction industry
- ATO warning on phone scams
- Capital allowances: effective life review of computers - review to begin
- ATO ID 2010/192 (Withdrawn): Deductions: land tax arrears (ATO view is now contained in theRental Properties Guide)
Foreign investment reforms
Treasury has released exposure draft legislation and regulations for a package of reforms to strengthen the foreign investment framework, including transferring all of the residential real estate functions to the ATO, stricter penalties, new application fees, increased scrutiny of foreign investment in agriculture and increased transparency of foreign ownership through a land register. Submissions can be made by Friday 17 July 2015.
Superannuation - Productivity Commission
A Productivity Commission Research Paper, released this morning, analyses the following aspects of superannuation policy affecting the post-retirement phase of superannuation investment:
- What might happen if the age that individuals can access their superannuation were raised?
- Is the way people draw down their superannuation, and in particular, the use of lump sums, problematic?
The report makes no recommendations, but its analysis and conclusions may be relevant to future superannuation policy development.
The following legislative determinations, which set financial institution supervisory levies for 2015-16, were registered yesterday:
- Superannuation Supervisory Levy Imposition Determination 2015
- Retirement Savings Account Providers Supervisory Levy Imposition Determination 2015
- Life Insurance Supervisory Levy Imposition Determination 2015
- General Insurance Supervisory Levy Imposition Determination 2015
- Authorised Deposit-taking Institutions Supervisory Levy Imposition Determination 2015
- Authorised Non-operating Holding Companies Supervisory Levy Imposition Determination 2015
- First Home Saver Account Providers Supervisory Levy Imposition Determination 2015