Australian Taxation Office
New or updated materials on ATO website, including:
- R&D tax incentive - attracting our attention: the ATO is working closely with AusIndustry to identify taxpayers involved in aggressive R&D tax incentive arrangements which may include tax avoidance and fraud
- New and withdrawn ATO Interpretative Decisions (ATO IDs):
Victorian State Taxes
This TaxTalk Alert provides an overview of the duty and land tax reforms announced in the recent Victorian State Budget, including additional duty on foreign purchasers of residential property and a land tax surcharge for absentee owners.
Parliament sits next week
The House of Representatives is sitting next week. The draft program lists Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015, which contains the proposed changes to the taxation of employee share schemes applicable from 1 July 2015, for debate on Tuesday.
Business set-up, transfer and closure
The Productivity Commission has released a draft report in relation to its inquiry into business set-up, transfer and closure. In relation to tax, the report makes a draft recommendation that there should be a consistent approach to the taxation of business entities regardless of their ownership structure and size, and that the Tax Reform White Paper should consider, in particular:
- the taxation of trusts used primarily for business purposes, and
- the tax treatment of profits and losses and the feasibility of a simpler entity for small business that would combine features of existing structure.
Submissions on the draft report can be made until Friday 3 July 2015.