ATO documents

Class Rulings

CR 2017/35: Fringe benefits tax: corporate clients of Statewide Novated Leasing Pty Ltd and its subsidiaries (Statewide) who participate in Statewide's bus travel benefit scheme

CR 2017/36: Fringe benefits tax: employer contributions to the Australian Construction Industry Redundancy Trust (ACIRT)

PR 2017/6: Income tax: tax consequences for a borrower being charged a discounted home loan interest rate calculated under Loan Reducer

Bank levy

The Major Bank Levy Bill 2017 and Treasury Laws Amendment (Major Bank Levy) Bill 2017 were passed without amendment and received Royal Assent on 23 June 2017 (as Acts no. 63 and 64 of 2017 respectively).

OECD draft guidance on permanent establishments and profit splits

On 22 June 2017 the OECD released a new discussion draft Additional Guidance on the Attribution of Profits to Permanent Establishments (BEPS Action 7), as well as a discussion draft of Revised Guidance on Profit Splits (BEPS Action 10).

‘Item 7’ CGT concession

The ATO has extended its interim guidance for non-AMITs on the application of s.104-71(4) table item 7 in determining the tax deferred and CGT concession components of unit trust distributions, to the preparation of unit trust distribution statements in respect of the 2017 income year.

Progress of legislation

As at 23.6.17

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

Introduced into House of Reps 22.6.17.

Bill

Treasury Laws Amendment (Foreign Resident Capital Gains Withholding Payments) Bill 2017

Description

Modifies the foreign resident CGT withholding regime - increases the withholding rate from 10% to 12.5% and reduces the withholding threshold from $2 million to $750,000.

Status

Received Assent 22.6.17. Act No. 57 of 2017.

Bill

Treasury Laws Amendment (GST Integrity) Bill 2017

Description

Reverse charge for business to business transactions involving precious metals; withdraws input tax credits for second hand valuable metal trades.

Status

Passed Senate 20.6.17.

Bill

Major Bank Levy Bill 2017

Description

Introduces a levy on ADIs with total liabilities of greater than $100 billion.

Status

Received Assent 23.6.17. Act No. 63 of 2017.

Bill

Treasury Laws Amendment (Major Bank Levy) Bill 2017

Description

Various amendments to specify certain administrative features relating to the major bank levy.

Status

Received Assent 23.6.17. Act No. 64 of 2017.

Bill

Treasury Laws Amendment (2017 Measures No. 2) Bill 2017

Description

Various superannuation amendments, including in relation to the transfer balance cap, concessional and non-concessional contributions, limited recourse borrowing arrangements, transition to retirement income streams and CGT relief for superannuation funds.

Status

Received Assent 22.6.17. Act No. 55 of 2017.

Bill

Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Bill 2017

Description

Extends by 12 months to 30 June 2018 the period during which small business entities can access expanded accelerated depreciation rules.

Status

Received Assent 22.6.17. Act No. 56 of 2017.

Bill

Treasury Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2017

Description

Increases the Medicare levy and Medicare levy surcharge low-income threshold.

Status

Received Assent 22.6.17. Act No. 58 of 2017.

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

Treasury Laws Amendment (GST Low Value Goods) Bill 2017

Description

GST imposed on low cost imported goods.

Status

Passed Senate 21.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.