ATO Documents

Class Rulings

CR 2021/82 Youfoodz Holdings Limited - employee share scheme - shares disposed of under scheme of arrangement

CR 2021/81 Liontown Resources Limited - demerger of Minerals 260 Limited

CR 2021/80 Two10degrees Pty Ltd - use of Global Alerting Platform In-Vehicle Management System for fuel tax credits

CR 2021/79 Woolworths Group Limited - off-market share buy-back

Product Ruling

PR 2021/15 Tax consequences for a Customer entering into a Prepay Plus Agreement with Nutrien Ag Solutions Limited

Practice Statement Law Administration

PSLA 2021/3 Remission of additional superannuation guarantee charge

Other news

ATO updates discussion paper on tax implications of LIBOR reform On 23 November 2021, the ATO updated its discussion paper on the tax implications of transitioning various Inter-bank Offered Rate interest rate benchmarks to alternative risk-free rates, including the London Inter-bank Offered Rate (LIBOR). Comments on the updated discussion paper are due by 17 December 2021.

Corporate Collective Investment Vehicles Bill introduced into Parliament

On 25 November 2021, the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 (Bill) was introduced to the House of Representatives. The Bill establishes the tax framework for Corporate Collective Investment Vehicles (CCIVs) (refer to our Tax Insight here for further details), extends the loss carry back rules by 12 months until the 2023 income year and removes cessation of employment as a deferred taxing point for employee share ownership schemes.

Progress of Legislation

Bill

Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021

Description

Establishes the tax framework for Corporate Collective Investment Vehicles (CCIVs) which seeks to ensure that CCIVs are taxed on a flow-through basis, extends the loss carry back rules for eligible corporate tax entities by 12 months until the 2023 income year, amends the Income Tax Assessment Act 1997 to remove cessation of employment as a deferred taxing point for employee share ownership schemes and various miscellaneous amendments to the Income Tax Assessment Act 1997, Taxation Administration Act 1953 and Income Tax Rates Act 1986.

Status

Introduced in the House of Reps on 25.11.21

Bill

Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021

Description

Amends the Income Tax (Transitional Provisions) Act 1997 to extend the temporary full expensing of depreciating assets by 12 months to 30 June 2023.

Status

Introduced in the House of Reps on 27.10.21

Bill

Treasury Laws Amendment (2021 Measures No 7) Bill 2021

Description

Amends the ATO reporting regime for electronic distribution platform operators and removes the $250 threshold for self-education expenses in s.82A of Income Tax Assessment Act 1936 from 2022-23.

Status

Introduced in the Senate on 19.10.21

Bill

Treasury Laws Amendment (2021 Measures No 6) Bill 2021

Description

Amends the Income Tax Assessment Act 1997 to make refunds of large-scale generation shortfall charges non-assessable non-exempt income and remove the requirement for certain super fund trustees to provide an actuarial certificate in certain circumstances.

Status

Received Royal Assent on 13.09.21

Bill

Treasury Laws Amendment (2021 Measures No. 2) Bill 2021

Description

Amends Australia's Offshore Banking Unit (OBU) regime to remove OBU's concessional tax treatment, remove the interest withholding tax exemption and close the regime to new entrants. The Bill also amends Income Tax Assessment Act 1997 to require a fund, authority or institution to, as a precondition for DGR endorsement, be a registered charity, an Australian government agency or operated by a registered charity or an Australian government agency.

Status

Received Royal Assent on 13.09.21

Bill

Treasury Laws Amendment (2021 Measures No. 5) Bill 2021

Description

Amends Division 376 of the Income Tax Assessment Act 1997 to provide certain tax offsets to the Australian screen industry, including the producer offset, location offset and PDV (post, digital and visual effects) offset. Various miscellaneous amendments to the Income Tax Assessment Act 1997 and the A New Tax System (Goods and Services Tax) Act 1999.

Status

Introduced in the Senate on 11.08.21

Bill

Treasury Laws Amendment (COVID-19 Economic Response No. 2) Bill 2021

Description Amends the Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to treat COVID-19 disaster payments for individuals, and certain COVID-19 business support programs, as non-assessable non-exempt income.
Status Received Royal Assent on 10.08.21