ATO Documents

Taxation Determination

TD 2021/8 Income tax: value of goods taken from stock for private use for the 2021-22 income year

Class Ruling

CR 2021/73 Environment Protection Authority Victoria - early retirement scheme 2021-2022

Practical Compliance Guideline – update

PCG 2017/2 Simplified transfer pricing record-keeping options

Taxation Determination – withdrawal

TD 2016/9W Income tax: value of goods taken from stock for private use for the 2015-16 income year

TD 2015/9W Income tax: value of goods taken from stock for private use for the 2014-15 income year

TD 2014/2W Income tax: value of goods taken from stock for private use for the 2013-14 income year

Other news

Board of Taxation October 2021 update

The Board of Taxation has provided an update following its meeting in October 2021. The update included its progress on the review of CGT roll-overs, GST on low value imported goods and the dual-administration model regarding the research and development tax incentive. For further details on the review of CGT roll-overs, refer to our submission with the Board of Taxation here.

Progress of Legislation

Parliament will resume on 22 November 2021.

Bill

Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021

Description Amends the Income Tax (Transitional Provisions) Act 1997 to extend the temporary full expensing of depreciating assets by 12 months to 30 June 2023.
Status

Introduced in the House on Reps on 27.10.21

Bill

Treasury Laws Amendment (2021 Measures No. 7) Bill 2021

Description  

Amends the ATO reporting regime for electronic distribution platform operators and removes the $250 threshold for self-education expenses in s.82A of Income Tax Assessment Act 1936 from 2022-23.

Status

Introduced in the Senate on 19.10.21

Bill

Treasury Laws Amendment (2021 Measures No. 6) Bill 2021

Description

Amends the Income Tax Assessment Act 1997 to make refunds of large-scale generation shortfall charges non-assessable non-exempt income and remove the requirement for certain super fund trustees to provide an actuarial certificate in certain circumstances.

Status

Received Royal Assent on 13.09.21

Bill Treasury Laws Amendment (2021 Measures No. 2) Bill 2021
Description Amends Australia's Offshore Banking Unit (OBU) regime to remove OBU's concessional tax treatment, remove the interest withholding tax exemption and close the regime to new entrants. The Bill also amends Income Tax Assessment Act 1997 to require a fund, authority or institution to, as a precondition for DGR endorsement, be a registered charity, an Australian government agency or operated by a registered charity or an Australian government agency.
Status

Received Royal Assent on 13.09.21

Bill  

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Description Amends Division 376 of the ITAA 97 to provide certain tax offsets to the Australian screen industry, including the producer offset, location offset and PDV (post, digital and visual effects) offset. Various miscellaneous amendments to the ITAA97 and the GST Act.
Status

Introduced in the Senate on 11.08.21

Bill Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021
Description Amends the Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to treat COVID-19 disaster payments for individuals, and certain COVID-19 business support programs, as non-assessable non-exempt income.
Status

Received Royal Assent on 10.08.21