Australian Taxation Office
New or updated materials on ATO website, including:
- TD 2015/D6: Dealings between a life insurance company and another entity in relation to a segregated asset, undertaken solely for the purpose of maintaining a pool of assets out of which to discharge its complying superannuation/FHSA life insurance policy liabilities or exempt life insurance policy liabilities, does not effect the transfer of an asset 'from' or 'to' the company's complying superannuation/FHSA asset pool or its segregated exempt assets
- Product rulings and addendum issued yesterday
- Updated: Rulings program as at 12 June 2015, which indicates that the release of a number of new draft rulings and determinations has been delayed
- ATO and APRA SuperStream reminder to Registrable Superannuation Entities (RSEs)
Progress of Bills
The following Bills progressed in Parliament yesterday:
- Labor 2013-14 Budget Savings (Measures No 1) Bill 2014, which repeals the second round of carbon tax-related personal income tax cuts that are due to start on 1 July 2015, was passed by the Senate. This Bill now awaits Royal Assent. This means that personal tax rates will not change on 1 July 2015.
- Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015, which contains, among other things, amendments to the Offshore Banking Unit (OBU) regime and the third element of the Investment Manager Regime (IMR), was passed by the Senate. This Bill now awaits Royal Assent.
- Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015, which proposes amendments to abolish the seafarer tax offset and reduce the rates of the R&D tax offset by 1.5 percentage points with effect from 1 July 2014, was passed by the House of Representatives. This Bill will now proceed to the Senate.
- Excise Tariff Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to reduce the rates of excise for domestically manufactured biodiesel and fuel ethanol to nil for a one-year period commencing on 1 July 2015, and then increase these rates each year from 1 July 2016, was introduced into the Senate.
- Energy Grants and Other Legislation Amendment (Ethanol and Biodiesel) Bill 2015, which proposes to remove grants for renewable diesel and biodiesel from 1 July 2015, was introduced into the Senate.