Australian Taxation Office
New or updated materials on ATO website, including:
- Reminder: participation in the Exploration Development Incentive closes 30 September
- Product ruling, addendum to product ruling and erratum to class ruling released yesterday
- Withdrawn TD 2014/21: Income tax: where a right to acquire a beneficial interest in a share is granted subject to shareholder approval, is the right an 'indeterminate right' within the meaning of subsection 83A-340(1) of the Income Tax Assessment Act 1997?
- Addendum to GSTR 2003/16A2: Goods and services tax: inducements to enter into a lease of commercial premises
The following new Regulations, registered yesterday, commence on 10 September 2015 and apply from the 2015-16 and later years of income:
- Income Tax Assessment (1936 Act) Regulation 2015 remakes the Income Tax Regulations 1936 and concludes stage three of the sunsetting review of the Income Tax Regulations 1936 by simplifying language, restructuring provisions to improve readability and updating for modern drafting techniques.
- Income Tax and Other Laws (Repeal and Consequential Amendments) Regulation 2015 repeals the Income Tax Regulations 1936 and makes consequential amendments as a result of new Income Tax Assessment (1936 Act) Regulation 2015, to the Income Tax Assessment Regulations 1997, the Retirement Savings Accounts Regulations 1997 and the Superannuation Industry (Supervision) Regulations 1994.
The Minister for Social Services, Scott Morrison, indicated in a speech at the Philanthropy meets Parliament summit that the Government is considering the future focus of the Australian Charities and Not-for-profits Commission (ACNC) and is committed to reducing red tape and regulation and will work with the Treasurer, the ACNC, states and territories, and the sector to identify areas to reduce the administrative burden for charities and not-for-profit organisations.