Australian Taxation Office

New or updated materials on ATO website.

Corporate tax avoidance

Additional documents and answers to questions on notice from the Senate Economics Committeeinquiry into corporate tax avoidance are now available. Included is details of the ATO's "effective tax borne" formula, intended to provide a "consistent and useful effective tax rate methodology to assess the global tax performance of multinationals in relation to Australia-linked business operations".

Supporting start-ups

The Treasurer and the Minister for Small Business have announced a range of measures to assist start-ups including:

  • from July 2016, new start-ups will be able to immediately deduct professional costs associated with starting a business instead of writing them off over five years, and
  • small business owners will be able to change the legal structure of their business without incurring a CGT liability.

The Government is expected to announce other tax measures to support small business in next week's Federal Budget.

Victoria State Budget

The Victoria Budget for the 2015-16 financial year was handed down yesterday. Key measures announced include:

  • introduction of a 3% stamp duty surcharge for foreign buyers of residential property, applicable for contracts entered into on or after 1 July 2015
  • introduction of 0.5% land tax surcharge for landowners who do not ordinarily reside in Australia, from the 2016 land tax year, and
  • an exemption from motor vehicle stamp duty for vehicles classified as mobile plant or plant-based special purpose vehicles from 1 July 2015.

Wine Equalisation Tax rebate

The Assistant Treasurer has announced that the Government will ask Treasury to prepare a discussion paper on the operation of the Wine Equalisation Tax rebate to help inform consideration of the issue as part of the Tax White Paper process.