CR 2018/12: Income tax: Westpac Banking Corporation - Westpac Capital Notes 5

DIS: Panayi v Deputy Commissioner of Taxation

SMSFRB 2018/1:The use of reserves by self-managed superannuation funds.

Withdrawal - Interpretative Decsions

ATO ID 2001/309: Fringe Benefits Tax : Child Care Facility Exemption ATO ID 2002/653: Assessability of maintenance or alimony payments from the USA ATO ID 2010/38: Bounty and subsidies: financial assistance received in commencing a business - whether received 'to commence a business'

Dividend imputation

On 13 March 2018, Labor announced that if elected it will end cash refunds of excess franking credits for individuals and super funds. See ALP fact sheet - A Fairer Tax System: Ending cash refunds for excess imputation.

Progress of legislation

As at 16.3.18

Bill

Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

Description

Makes various amendments to the Consolidation regime.

Status

Passed House of Reps 28.2.18.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018

Description

Implements new rules for foreign residents owning Australian housing, technical amendments to streamline the foreign investment framework and introduces tax incentives to boost investment in affordable housing.

Status

Passed House of Reps 1.3.18.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2018

Description

Establishes the foundation for the Government's new Fintech framework. Makes a number of technical amendments to the Early Stage Venture Capital Limited Partnership, Venture Capital Limited Partnership and Tax Incentives for Early Stage Investor regimes.

Status

Introduced into House of Reps 8.2.18.

Bill

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

Description

Makes several regulatory amendments, repeals inoperative provisions, extends tax relief for merging superannuation funds, and amends the GST laws relating to property.

Status

Passed House of Reps 27.2.18.

Bill

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018

Description

Introduces various measures aimed at curbing participation in the "Black economy".

Status

Introduced into House of Reps 7.2.18.

Bill

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

Description

Replaces the former Exploration Development Incentive with the Junior Mineral Exploration Tax Credit.

Status

Introduced into Senate 15.02.18.

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Introduced into Senate 12.2.18.

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 the Senate 13.11.17.

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 Senate 12.2.18.

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.