CR 2017/66: Income tax: the 'National Roads and Motorists Association Limited Early Retirement Scheme 2017' CR 2017/67: Income tax: SMS Management & Technology Limited - Scheme of Arrangement and Special Dividend CR 2017/69: Income tax: 'Canon Information Systems Research Australia Pty. Ltd. Retirement Scheme 2017'

PR 2017/13: Income tax: tax consequences for a borrower being charged a discounted home loan interest rate calculated under the Pivot Portfolio Loan Facility.

LCG 2016/D8: Superannuation reform: transfer balance cap and transition-to-retirement reforms: transitional CGT relief for superannuation funds LCG 2016/D9: Superannuation reform: transfer balance cap LCG 2016/D12: Superannuation reform: total superannuation balance

Draft Legislative Determination

SPR 2017/D3: Draft Income Tax Employment Termination Payments (12 month rule) Determination 2017

Provision of general purpose financial statements by significant global entities

The ATO has released updated guidance on the requirement under section 3CA of the Taxation Administration Act 1953 for certain corporate tax entities that are significant global entities to give general purpose financial statements to the Commissioner of Taxation for each income year starting on or after 1 July 2016.

OECD invites public input on the tax challenges of digitalisation

The OECD is seeking public comments on key issues identified in relation to the tax challenges raised by digitalisation and the potential options to address these challenges, following the BEPS Action 1 report, Addressing the Tax Challenges of the Digital Economy which was released in October 2015. An interim report is expected to be produced by the end of 2018 and a final report by 2020. Comments are due by 13 October 2017.

Progress of legislation

As at 29.9.17

Bill

Treasury Laws Amendment (2017 Measures No 6) Bill 2017

Description

Amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money.

Status

Introduced into House of Reps 14.9.17.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

First Home Super Saver Tax Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

Treasury Laws Amendment (Housing Tax Integrity) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017

Description

Part of Government Housing Affordability Package.

Status

Introduced into House of Reps 7.9.17.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

Description

Fund the NDIS by amending the Medicare Levy Act 1986 to increase the Medicare levy rate from 2 to 2.5% of taxable income for the 2019-20 income year and later income years.

Status

Introduced into House of Reps 17.8.17.

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.