Australian Taxation Office
New or updated materials on ATO website, including:
Royal Assent to Bill
Tax Laws Amendment (Small Business Measures No. 3) Bill 2015, which gives effect to a number of 2015-16 Federal Budget measures including the small business tax offset for individuals, allowing small businesses to immediately deduct certain costs incurred when starting up a business and extending the FBT exemption relating to work-related portable electronic devices, has received Royal Assent.
The transcripts of public hearings in relation to the House of Representatives Standing Committee on Economics inquiry into Home Ownership are now available. Academics and industry representatives where questioned, amongst other things, on the impacts of current tax policy on home ownership, including capital gains tax and stamp duty.
Data matching program
The ATO has given notice in the gazette that it will request and collect data relating to credit and debit card payments to merchants for the periods from 1 July 2014 to 30 June 2015 from financial institutions. The data requested will include information that enables the ATO to match merchant accounts to a taxpayer, including name, address and contact information as well as information on the number and value of transactions processed for each merchant account. This acquired data will be electronically matched with certain sections of ATO data holdings to identify possible non-compliance with taxation law.