CR 2017/52: Income tax: 'Alcoa of Australia Limited Early Retirement Scheme 2017'

PR 2017/9: Income tax: OnePath Life - OneCare Policy - Life Cover, Total and Permanent Disability Cover and/or Trauma Cover

CR 2016/18: Fringe benefits tax: employer clients of Community CPS Australia Limited trading as Beyond Bank Australia who are subject to the provisions of either section 57A or section 65J of the Fringe Benefits Tax Assessment Act 1986 and make use of the Salary Packaging Card facility CR 2016/85: Fringe benefits tax: employer clients of Community CPS Australia Limited trading as Beyond Bank Australia who are subject to the provisions of either section 57A or section 65J of the Fringe Benefits Tax Assessment Act 1986 and make use of the Meal Entertainment Card facility

SAM 2017/D1: Draft Goods and Services Tax: Simplified Accounting Methods Determination 2017 for Food Retailers - Business Norms, Stock Purchases and Snapshot Methods

CbC Reporting

Australia signed a bilateral Competent Authority Arrangement on 1 August 2017 with the US to exchange Country-by-Country (CbC) Reports. It is being reported that the arrangement is expected to apply for fiscal years beginning on or after 1 January 2016.

Cases

Academy Cleaning & Security Pty Ltd v Deputy Commissioner of Taxation [2017] FCA 875 (3 August 2017): In 2009, the taxpayer, a company which provided security and cleaning services, entered into an agreement to purchase “sequestered carbon” from a Malaysian company. The taxpayer paid a non-refundable deposit of $63,000, essentially without the Malaysian company having an enforceable delivery obligation to provide something (ie emission units) which did not then exist. The balance of the purchase price of $357,000 was never paid. In summary, the Federal Court held that the taxpayer did not satisfy the conditions in s.8-1 in respect of the deductibility of the $420,000 purchase price and that, in any case, the Commissioner’s Part IVA determination in respect of the deductions claimed by the taxpayer was "correct and inevitable on the evidence".

Progress of legislation

As at 11.8.17

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 Save and publish22.6.17.

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 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

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.