ATO documents

TR 2018/2: Income tax: record keeping and access - electronic records.

CR 2018/10: Income tax: Beerenberg Early Retirement Scheme 2018

PR 2018/1: Income tax: tax consequences of investing in the HSBC UCITS Common Contractual Fund PR 2018/2: Income tax: taxation consequences of investing in Macquarie Equity Lever Instalment Receipts PR 2018/3: Income tax: tax consequences of investing in equities using the Macquarie Geared Equities Investment plus (2018 Product Brochure)

Taxpayer Alert

TA 2018/1: Structured arrangements that provide imputation benefits on shares acquired on a limited risk basis around ex-dividend dates

TD 2002/16: Income tax: what are the obligations under the Income Tax Assessment Act 1936 where a business chooses to keep some of its records as encrypted information? TR 2005/9: Income tax: record keeping - electronic records PR 2016/7: Income tax: tax consequences of investing in equities using the Macquarie Geared Equities Investment plus (2013 Product Brochure)

CR 2017/7A1: Income tax: Special Dividend, rebalancing of stapled security structure: 360 Capital Group Limited.

Consolidation integrity bill introduced

The Government has introduced into a Bill into Parliament to give effect to consolidation integrity measures announced in various Federal Budgets since 2013. For further details, refer to our Riposte here.

Draft legislation released to extend MAAL

On 12 February, the Government released draft legislation to strengthen the integrity of the Multinational Anti-Avoidance Law (MAAL) by preventing large multinationals from using foreign trusts and partnerships in corporate structures to avoid the application of the MAAL, as announced in the 2017-18 Federal Budget. The changes are proposed to apply retrospectively from 1 January 2016. Submissions are due by 23 February 2018.

Board of Taxation report on bare trusts

On 13 February, the Government released the Board of Taxation’s report Review of the Tax Treatment of Bare Trusts and Similar Arrangements, which follows the completion of a self-initiated review. The Government proposes to progress the recommendations in the report and Treasury will undertake further consultation on the scope of potential changes,including defining the core characteristics of a bare trust for taxation purposes. For further details, refer to our Riposte here.

Progress of legislation

As at 16.2.18

Bill

Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

Description

Makes various amendments to the Consolidation regime.

Status

Introduced into House of Reps 15.2.18.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018

Description

Implements new rules for foreign residents owning Australian housing, technical amendments to streamline the foreign investment framework and introduces tax incentives to boost investment in affordable housing.

Status

Introduced into House of Reps 8.2.18.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2018

Description

Establishes the foundation for the Government's new Fintech framework. Makes a number of technical amendments to the Early Stage Venture Capital Limited Partnership, Venture Capital Limited Partnership and Tax Incentives for Early Stage Investor regimes.

Status

Introduced into House of Reps 8.2.18.

Bill

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

Description

Makes several regulatory amendments, repeals inoperative provisions, extends tax relief for merging superannuation funds, and amends the GST laws relating to property.

Status

Introduced into House of Reps 7.2.18.

Bill

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018

Description

Introduces various measures aimed at curbing participation in the "Black economy".

Status

Introduced into House of Reps 7.2.18.

Bill

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

Description

Replaces the former Exploration Development Incentive with the Junior Mineral Exploration Tax Credit.

Status

Introduced into Senate 15.02.18.

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Introduced into Senate 12.2.18.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

Description

Fund the NDIS by amending the Medicare Levy Act 1986 to increase the Medicare levy rate from 2 to 2.5% of taxable income for the 2019-20 income year and later income years.

Status

Introduced into the Senate 13.11.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into Senate 12.2.18.

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property.

Status

Introduced into Senate 22.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16.