ATO documents

CR 2017/82: Income tax: return of capital: Whitehaven Coal Limited CR 2017/83: Income tax: Pfizer Inc. - Employee Share Scheme

GSTR 2017/D1: Goods and services tax: supplies of goods connected with the indirect tax zone (Australia) GSTR 2017/D2: Goods and services tax: supplies of real property connected with the indirect tax zone (Australia)

ATO releases corporate tax transparency report for 2015–16

On 7 December 2017, the ATO released its latest corporate tax transparency report which includes certain tax information of more than 2,000 large companies operating in Australia.

Government announces it will not proceed with ‘in Australia’ reform of deductible gift recipients

The Government has announced that as part of a proposed reform of the administration and oversight of organisations with deductible gift recipient (DGR) status, it will not proceed with the unlegislated 2009-10 Budget measure to reform the ‘in Australia’ requirements that apply to tax exempt entities.

Senate Committee corporate tax avoidance report deadline extended

The due date for the Senate Committee’s inquiry into Corporate Tax Avoidance report has been extended again until 30 May 2018.

On 6 December 2017, the Taxation (Neutralising Base Erosion and Profit Shifting) Bill was introduced into the New Zealand Parliament which seeks to implement a number of base erosion and profit shifting (BEPS) measures including rules relating to interest limitation, permanent establishment, source, transfer pricing and hybrid and branch mismatches. This follows the release of Australia’s draft BEPS hybrid mismatch rules on 24 November 2017. For further details on Australia’s draft BEPS hybrid mismatch rules, refer to our Ripostes of 27 and 28 November.

Progress of legislation

As at 08.12.17

Bill

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

Description

Replaces the former Exploration Development Incentive with the Junior Mineral Exploration Tax Credit.

Status

Introduced into House of Reps 19.10.17.

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 House of Reps 18.10.17.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Awaiting Royal Assent 07.12.17.

Bill

First Home Super Saver Tax Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Awaiting Royal Assent 05.12.17.

Bill

Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Act No. 126 of 2017.

Bill

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Act No. 127 of 2017.

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.

Status

Introduced into the 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 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.