Australian Taxation Office

New or updated materials on ATO website, including:

New Regulations

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.

Not-for-profit sector

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.