Australian Taxation Office
New or updated materials on ATO website, including:
- Advance pricing arrangements: This overview provides general information about advance pricing arrangements and certain specific information for taxpayers which should be read in conjunction with PS LA 2015/4 Advance Pricing Arrangements
- Consultation on ELS to SBR transition
- Offer to SMSF trustees to address dividend stripping arrangements: SMSF trustees who have entered into potential dividend stripping arrangements are encouraged to self-amend or contact the ATO
- Superannuation Release authority statements - How to ensure you're meeting your obligations
- Superannuation online tool enhancements: The ATO is introducing enhancements to some superannuation online tools in November as part of a broader program of change, to improve online services for the community
Legislation cleared for introduction
The following tax-related Bills have been cleared for introduction into Federal Parliament (these Bills are not scheduled to be introduced into the House of Representatives today):
- Tax Laws Amendment (Gifts) Bill
- Treasury Legislation Amendment (Repeal Day 2015) Bill
- Omnibus Repeal Day (Spring 2015) Bill
Progress of Bills in Parliament
Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, was debated in the Senate yesterday. The Senate agreed to one amendment moved by Independent Senator Xenophon to require "significant global entities" (as defined in the Bill) to provide the Commissioner of Taxation with audited general purpose financial reports each year. The Greens also moved for similar amendments targeting entities with annual global revenue of $500m or more, and also seeking to repeal the recently passed (but not yet enacted) Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Act 2015, which excludes Australian-owned private companies from the tax transparency measures. Debate on this Bill, including the Greens amendments, will continue in the Senate today.
