Australian Taxation Office
New or updated materials on ATO website, including:
- TA 2015/4: Accessing business profits through an interposed partnership with a private company partner (see also the ATO's media release regarding this Taxpayer Alert)
- Decision impact statement on the Amies v Commissioner of Taxation case concerning the Commissioner's decision to refuse the issue of a departure authorisation certificate for a taxpayer involved in a tax dispute with the ATO. Comments due 10 December 2015
- Decision impact statement on The Bell Group Ltd (in Liq) & Anor v Deputy Commissioner of Taxation & Anor case concerning the validity of garnishee notices issued in respect of tax liabilities of a company in liquidation. Comments due 10 December 2015
- Information for primary producers 2015
- New online and phone services guides for tax professionals
Royal Assent to Bill
Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015, which excludes Australian-owned private companies from the tax transparency measures, received Royal Assent yesterday.
Progress of Bills in Parliament
Senate amendments to Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015 were rejected by the House of Representatives yesterday. This Bill contains the package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance.
New tax treaty with Germany
The Treasurer has announced that a new tax treaty has been signed with Germany, aimed at reducing tax impediments to increase bilateral trade and investment and improve the integrity of the tax system. The full text of the revised treaty is available on the Treasury website.
The Australian Securities and Investment Commission has announced its areas of focus for 31 December 2015 financial reports of listed entities and other entities of public interest. Detailed information is available in the attachment to the media release, which highlights tax accounting policy choices as a key area of focus for 31 December 2015 to ensure that:
- there is a proper understanding of both the tax and accounting treatments, and how differences between the two affect tax assets, liabilities and expenses
- the impact of any recent changes in legislation are considered, and
- the recoverability of any deferred tax asset is appropriately reviewed.