ATO Documents

Class Rulings

CR 2021/33 Red Hot Australia HoldCo Pty Limited – scrip for scrip roll-over

CR 2021/32 Ampol Limited – off-market share buy-back

CR 2021/31 The Citadel Group Limited – scheme of arrangement and payment of special dividend

Product Ruling

PR 2021/3 Income tax: taxation consequences of changing the portfolio structure, contributing to and partially redeeming an investment in a unit in the Perpetual WealthFocus Investment Advantage Fund – 2021

Draft Legislative Instrument

TPRE 2021/D1 Draft Taxation Administration Excluded Classes of Transactions and Entities for Third Party Reports on Shares and Units Determination 2021

Other news

2021-22 Federal Budget on 11 May 2021

The Government has flagged a number of measures that will be part of the 2021-22 Federal Budget that will be handed down on Tuesday 11 May 2021, including tax incentives to support the digital economy. For further details on the Federal Budget, refer to our 2021 Budget Hub. Exposure draft released for miscellaneous tax and super amendments

On 5 May 2021, Treasury released exposure draft legislation Treasury Laws Amendment (Measures for Consultation) Bill 2021: Miscellaneous and Technical Amendments for consultation. The exposure draft contains a number of clarification changes including in relation to country-by-country reporting, franking credits, capital allowances, the consolidation tax cost setting rule and loss carry back rules. Submissions are due by 25 May 2021.

Progress of Legislation

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 Introduced in the House of Reps 17.03.21
Bill Treasury Laws Amendment (2020 Measures No. 4) Bill 2020
Description Amends the Income Tax Assessment Act 1997 to make refunds of large-scale generation shortfall charges non-assessable non-exempt income.
Status Introduced in the House of Reps on 28.10.20
Bill Treasury Laws Amendment (More Flexible Superannuation) Bill 2020
Description Implements the 2019-20 Budget measure to bring forward age limit to 65 and 66 for non-concessional super contributions.
Status Introduced in the Senate 31.08.20