ATO Documents

Class Ruling

CR 2020/47 The Hans Pearson v State of Queensland: Applicant's Settlement Distribution Scheme - distribution received from the settlement sum

Product Ruling – Addendum

PR 2020/4A1 Income tax: taxation consequences for a borrower being charged an 'Indexed Rate' of interest under a home loan

Other news

Treasurer confirms 2020-21 Federal Budget date

On 11 September 2020, the Treasurer confirmed that the Government will hand down the 2020-21 Federal Budget on 6 October 2020 at 7:30 pm.

ATO concerns on tax return disclosure of restructured hybrid mismatches

The ATO has updated its website stating that they have become aware that certain businesses are not complying with the International Dealings Schedule (IDS) tax return Question 49 (Section G – Hybrid mismatches) reporting requirements.

Progress of Legislation

Federal Parliament will resume for the 2020-21 Federal Budget sitting on 6 October.

Bill

Coronavirus Economic Response Package (Jobkeeper Payments) Amendment Bill 2020

Description

Amends the Coronavirus Economic Package (Payments and Benefits) Act 2020 to enable the extension of the jobkeeper scheme to 28 March 2021 by extending the current time limit on payment rules authorised by the Act and Taxation Administration Act 1953 to extend the circumstances in which protected information can be disclosed

Status

Received Royal Assent on 03.09.20 Act 81 of 2020

Bill

Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019

Description

Amends the Superannuation Guarantee (Administration) Act 1992 to provide that employees under workplace determinations or enterprise agreements have the right to choose their superannuation fund

Status

Received Royal Assent on 03.09.20 Act 80 of 2020

Bill

Treasury Laws Amendment (2020 Measures No. 2) Bill 2020

Description

Amends the hybrid mismatch rules in the Income Tax Assessment Act 1997; broadens the amounts that employers can voluntarily report under the Single TouchPayroll rules; expands the number of entities qualifying as deductible gift recipients; amends the tax secrecy provisions in the TAA

Status

Received Royal Assent on 03.09.20 Act 79 of 2020

Bill

Treasury Laws Amendment (More Flexible Superannuation) Bill 2020

Description

Implements the 2019-20 Budget measure to bring forward age limit to 65 and 66 for non-concessional super contributions

Status

Introduced in the Senate 31.08.20

Bill

Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019

Description

Makes a number of amendments to the eligibility of taxpayers to claim the R&D tax offset and extends Part IVA of the Income Tax Assessment Act 1936 to include the R&D tax offset. Amends the existing R&D recoupment and feedstock adjustment clawback rules so the rules become consolidated and uniform

Status Introduced in the Senate 10.02.20