ATO documents

Taxation Rulings

TR 2017/2: Income tax: effective life of depreciating assets (applicable from 1 July 2016)

TR 2017/3: Income tax: distributions from foreign companies - meaning of 'at the time the distribution is made' when applying the participation test

Draft Taxation Ruling

TR 2017/D6: Income tax and fringe benefits tax: when are deductions allowed for employees' travel expenses?

Taxation Determinations

TD 2017/17: Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2017 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used?

TD 2017/18: Income tax: what is the car limit under section 40-230 of the Income Tax Assessment Act 1997 for the 2017-18 financial year?

Draft Taxation Determination

TD 2017/D3: Income tax: Division 7A: can section 109T of the Income Tax Assessment Act 1936 apply to a payment or loan made by a private company to another entity (the 'first interposed entity') where that payment or loan is an ordinary commercial transaction?

Class Rulings

CR 2017/37: Income tax: demerger of Alcoa Corporation from Alcoa Inc. (now Arconic Inc.)

CR 2017/38: Fringe benefits tax: employer clients of Community Sector Banking Pty Limited who are subject to the provisions of either section 57A or 65J of the Fringe Benefits Tax Assessment Act 1986 that make use of a B-Maximised MasterCard credit card facility

CR 2017/39: Income tax: Henderson Group plc - consolidation of shares and of ASX CHESS Depositary Interests

Product Ruling

PR 2017/7: Income tax: taxation consequences of investing in CDIs over interests in the SPDR S&P 500 ETF Trust

Notice of Withdrawal - Taxation Ruling

TR 2016/1: Income tax: effective life of depreciating assets (applicable from 1 July 2016).

Withdrawn Interpretative Decisions

ATO ID 2011/104: Division 7A: Application of section 109T - where payment made by a private company to an interposed entity is a payment of an actual dividend.

ATO ID 2002/451: Meal and accommodation expenses for casual employee

Addenda - Law Companion Guidelines

LCG 2016/5: Foreign resident capital gains withholding regime: the Commissioner's variation power

LCG 2016/6: Foreign resident capital gains withholding regime: amount payable to the Commissioner

LCG 2016/7: Foreign resident capital gains withholding regime: options

Legislative Instruments

CRS committed jurisdiction list Goods and Services Tax: Foreign Currency Conversion Determination (No. 1) 2017

Petroleum Resource Rent Tax

On 30 June 2017, the Treasurer announced the Government’s interim response to the recommendations of the Callaghan Report into the Petroleum Resource Rent Tax (‘PRRT’), crude oil excise and other Commonwealth royalties. The Government has also requested that Treasury undertake further consultation and provide advice to Government on options to address the PRRT design issues raised in the review. Treasury released a consultation paper in this regard on 30 June 2017.

GST and digital currency

Treasury has released draft legislation to implement the 2017/2018 Budget announcement regarding the GST treatment of digital currency. That is,to treat digital currency in the same way that money is treated for GST purposes. The draft legislation is proposed to have a retrospective start date of 1 July 2017.

Progress of legislation

As at 30.6.17

Bill

Treasury Laws Amendment (2017 Measures No. 4) Bill 2017

Description

Income tax relief for transfers within a fund to a MySuper product. Integrity changes to the wine equalisation tax producer rebate rules.

Status

Introduced into House of Reps 22.6.17.

Bill

Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017

Description

Modifies the foreign resident CGT withholding regime - increases the withholding rate from 10% to 12.5% and reduces the withholding threshold from $2 million to $750,000.

Status

Received Assent 22.6.17. Act No. 57 of 2017.

Bill

Treasury Laws Amendment (GST Integrity) Bill 2017

Description

Reverse charge for business to business transactions involving precious metals; withdraws input tax credits for second hand valuable metal trades.

Status

Received Assent 26.6.17. Act No. 76 of 2017.

Bill

Major Bank Levy Bill 2017

Description

Introduces a levy on ADIs with total liabilities of greater than $100 billion.

Status

Received Assent 23.6.17. Act No. 63 of 2017.

Bill

Treasury Laws Amendment (Major Bank Levy) Bill 2017

Description

Various amendments to specify certain administrative features relating to the major bank levy.

Status

Received Assent 23.6.17. Act No. 64 of 2017.

Bill

Treasury Laws Amendment (2017 Measures No. 2) Bill 2017

Description

Various superannuation amendments, including in relation to the transfer balance cap, concessional and non-concessional contributions, limited recourse borrowing arrangements, transition to retirement income streams and CGT relief for superannuation funds.

Status

Received Assent 22.6.17. Act No. 55 of 2017.

Bill

Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Bill 2017

Description

Extends by 12 months to 30 June 2018 the period during which small business entities can access expanded accelerated depreciation rules.

Status

Received Assent 22.6.17. Act No. 56 of 2017.

Bill

Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2017

Description

Increases the Medicare levy and Medicare levy surcharge low-income threshold.

Status

Received Assent 22.6.17. Act No. 58 of 2017.

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 House of Reps 11.5.17.

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

Treasury Laws Amendment (GST Low Value Goods) Bill 2017

Description

GST imposed on low cost imported goods.

Status

Received Assent 26.6.17. Act No. 77 of 2017.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.