CR 2017/53: Income tax: Batlow Fruit Company Pty Ltd - converted to a company registered under the Corporations Act 2001 CR 2017/54: Income tax: scrip for scrip roll-over: acquisition of Heemskirk Consolidated Limited by Northern Silica Corporation

PR 2017/10: Income tax: taxation consequences of investing in Instreet Masti

TR 2006/11: Private Rulings

Chevron discontinues appeal to High Court

On 15 August 2017, Chevron discontinued its appeal to the High Court from the Full Federal Court decision in Chevron Australia Holdings Pty Ltd v FCT [2017] FCAFC 62.

Latest status of the OECD BEPS Multilateral Instrument

On 16 August 2017, the text of the OECD BEPS Multilateral Instrument (MLI), together with the national interest analysis, was tabled in both Houses of Federal Parliament. Treasury has also released submissions received in relation to its consultation paper on Australia’s adoption of the OECD BEPS MLI.

South Australian major bank levy

On 10 August 2017, the Budget Measures Bill 2017 (SA) was passed by the South Australian House of Assembly and is now before the Legislative Council. The bill includes a measure to introduce a major bank levy from 1 July 2017 to apply to all authorised deposit-taking institutions (ADIs) that offer services in South Australia and are liable for the Federal Major Bank Levy.

Progress of legislation

As at 18.8.17

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 House of Reps 17.8.17.

Bill

Treasury Laws Amendment (2017 Measures No. 4) Bill 2017

Description

Income tax relief for transfers within a fund to a MySuper product. Integrity changes to the wine equalisation tax producer rebate rules.

Status

Passed Senate 17.8.17.

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. Awaiting passage by Senate.