Australian Taxation Office

New or updated materials on ATO website, including:

White Paper on Developing Northern Australia

The Government has released its White Paper on Developing Norther Australia. No new tax measures are proposed as part of the White Paper.

South Australia Budget

The SA Budget for the 2015-16 financial year was handed down yesterday. As part of this Budget, the SA Government has released its response to its State Tax Review, the outcomes of which are implemented in this Budget, including:

  • from 18 June 2015, abolition of stamp duty on non-real property transfers and non-quoted marketable securities, expansion of corporate reconstruction relief, expansion of stamp duty concession for exploration tenements to include retention tenements and other duty changes
  • from 1 July 2015, extension of the small business payroll tax rebate to 2015-16, and various land tax amendments reduction of conveyancing duty on non-residential, non-primary production real estate transfers by one-third on 1 July 2016 and again on 1 July 2017, and then to be abolished completely from 1 July 2018
  • from 1 July 2018, abolition of stamp duty on transfer of units in a unit trust and removal of the $1m landholder threshold and
  • a range of other tax measures to take effect from the date of asset amending legislation.

Parliament sits next week

Parliament sits next week for the last week of the Winter sittings. Following a 6 week break, the Spring sittings will commence on Monday 10 August 2015. The draft programmes for the House of Representatives and the Senate list the following Bills for debate next week:

Progress of Bills

The following Bills progressed in Parliament yesterday: