ATO documents

Withdrawn Interpretative Decisions

ATO ID 2001/120: Fringe benefits tax 'otherwise deductible' rule

Draft Law Companion Guideline

LCG 2017/D6: The business continuity test - carrying on a similar business

Practical Compliance Guideline

PCG 2017/13: Division 7A - unpaid present entitlements under sub-trust arrangements maturing in the 2017 or 2018 income years 

AMIT and MIT technical amendments

On 19 July 2017 the Minister for Revenue announced that the Government will make a number of technical amendments to the AMIT and MIT regimes. The proposed amendments include, among other things: ● clarification around the treatment of taxable Australian property (TAP) and non-TAP capital gains/losses in the calculation of fund payment for MITs and AMITs; ● changes to allow eligible MITs with substituted accounting periods to opt into the AMIT regime from their first full income year starting on or after 1 July 2015; and ● amendments to CGT event E4 in relation to ‘item 7’ CGT concession amounts – proposed to apply to distributions made in relation to the 2017-18 income year and future income years.

Investment Manager Regime amendments

In the same announcement on 19 July 2017, the Minister for Revenue announced that the Government will consult on whether a legislative amendment is required to the Investment Manager Regime (IMR) to ensure that the engagement of an Australian independent fund manager will not cause a fund that is legitimately established and controlled offshore to be an Australian resident. The announcement provides that any legislative amendment will have retrospective application from the start of the IMR regime in 2015.

OECD releases further guidance on CbC reporting

The OECD has released additional guidance on the implementation of Country-by-Country (CbC) reporting (BEPS Action 13). Two specific issues are addressed in this guidance: how to treat an entity owned and/or operated by two or more unrelated MNE Groups, and whether aggregated data or consolidated data for each jurisdiction is to be reported in Table 1 of the CbC report.

Progress of legislation

As at 21.7.17

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 (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.