ATO documents

Class Ruling

CR 2018/20: Income tax: Tasmanian Electro Metallurgical Company Early Retirement Scheme 2018

Product Ruling

PR 2018/5: Income tax: W.A. Blue Gum Project 2018

Practice Statement

PS LA 2008/6 (Updated): Fraud or evasion

Notice of Withdrawal - Taxation Determination

TD 94/8W: Income tax: how is the proportion of a lump sum payment on termination of employment that relates to unused annual leave that accrued in respect of service before 18 August 1993 calculated for the purposes of section 159S of the Income Tax Assessment Act 1936?

Other news

Draft Legislation Released on Stapled Structures

On 17 May 2018, the Government released draft legislation for consultation to address the perceived sustainability and tax integrity risks posed by "stapled structures", following the Government’s announcement on 27 March 2018. Submissions are due by 31 May 2018. For further details, refer to our Riposte and our Tax Brief.

Progress of legislation

As at 18.5.18

Bill

Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018

Description

Implements the Government’s Income Tax cuts.

Status

Introduced into House of Reps 9.5.18.

Bill

Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018

Description

The Bill makes amendments to the Multinational Anti-Avoidance Law, the Small Business CGT Concessions, and Fintech and Venture Capital.

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018

Description

The Bill gives the force of law in Australia to the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (2018 Measures No. 4) Bill 2018

Description

Implements the Government’s Superannuation Guarantee (SG) integrity package, extends Single Touch Payroll, and changes Super Fund reporting requirements.

Status

Introduced into House of Reps 28.3.18.

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 Senate 19.3.2018.

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 (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 (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. Given the Government’s announcement that the increase to the Medicare Levy will be scrapped, this Bill may not proceed

Status

Introduced into 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.