Class Rulings

CR 2021/72 Neometals Ltd - demerger of Widgie Nickel Limited

CR 2021/71 Commonwealth Bank of Australia - off-market share buy-back

Taxpayer alert

TA 2021/4 Structured arrangements that avoid luxury car tax

Addy v Commissioner of Taxation [2021] HCA 34

The High Court has unanimously allowed the taxpayer's appeal holding that the non-discrimination clause in Article 25 of the Double Taxation Agreement between Australia and the UK did operate to prohibit the taxpayer, a British national who was tax resident in Australia, from being taxed at the working holiday tax rate.

Mauritania joins OECD/G20 Inclusive Framework on BEPS

On 4 November 2021, Mauritania joined the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) as its 141st member and also committed to joining the two-pillar plan to reform the international taxation rules, bringing the total number of jurisdictions participating in the agreement to 137. For further details on the BEPS two-pillar plan, refer to our BEPS 2.0 Hub here.

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

 

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