Australian Taxation Office
New or updated materials on ATO website, including:
- Updated: Rulings program as at 15 July 2015
Board of Taxation
Terms of reference for the following Board of Taxation's projects which were previously announced as part of this year's Federal Budget have been released:
- implementation of anti-hybrid rules - Guidance on the practical operation of the rules and refinements on some outstanding issues will be released in a report in October 2015 before the Board is due to present its report to Government by March 2016 so that any response can be considered as part of the 2016-17 Federal Budget.
- develop a voluntary tax transparency code - Initial consultation will occur in August and September 2015 as part of the development of a discussion paper which is expected to be released by the end of the 2015 before the Board is due to report to Government by May 2016.
Removing zone offset for fly-in fly-out workers
The Government has released exposure draft legislation which seeks to give effect to this year's Federal Budget proposal to remove the Zone Tax Offset from the 2015-16 income year for 'fly-in fly-out' and 'drive-in drive-out' employees whose normal residence is not within a specified remote zone. Comments are due by 5 August 2015.
Modernising car expense deductions
The Government has released exposure draft legislation which seeks to remove the '12 per cent of original value method' and the 'one-third of actual expenses method' for work-related car expense deductions and to introduce the single 66 cents per kilometre rate from the 2015-16 income year, as announced in this year's Federal Budget. Comments are due by 5 August 2015.