CR 2017/60: Fringe benefits tax: corporate clients of Salary Packaging Australia Pty Ltd (SPA) who participate in SPA's bus travel benefit scheme CR 2017/61: Fuel tax: clients of Better Driver Pty Ltd who use the reports generated by BetterDriver In-Vehicle Solution for calculating the kilometres travelled and fuel used in a vehicle as a record for fuel tax credit purposes

PCG 2017/15: GST and Customer Owned Banking Institutions. The PCG provides guidance on a rate that the Commissioner will accept for GST apportionment purposes in relation to certain acquisitions of Customer Owned Banking Institutions.

Draft Legislative Determination

CRP 2017/D2: Draft Taxation Administration (Remedial Power - Small Business Restructure Roll-over) Determination 2017. The draft determination proposes to modify the Division 40 rollover relief for transfers of assets under a small business restructure.

Junior Mineral Exploration Tax Credit scheme

The Prime Minister has announced that the Government will introduce a tax incentive for junior exploration companies in the form a ‘Junior Mineral Exploration Tax Credit’ which will allow greenfield exploration companies to distribute certain tax losses as credits to Australian resident shareholders. For further details, refer to our Riposte here.

House affordability measures

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017, First Home Super Saver Tax Bill 2017, Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 and the Foreign Acquisitions and Takeovers Fees Imposition Amendment (Vacancy Fees) Bill 2017 were introduced into the House of Reps on 7 September 2017. The Bills propose to implement various housing affordability measures announced in the 2017-18 Budget.

Review of pharmaceutical companies

The ATO has advised that it is conducting a review of the transfer pricing practices of Australian-based multinational subsidiaries in the pharmaceutical industry. In addition, the announcement advised that the ATO is also assessing a range of domestic and international tax risks associated with related party financing, thin capitalisation, intellectual property migration, consolidation, business restructures and research and development.

Country-by-country reporting

The OECD's Inclusive Framework on BEPS has released further guidance on the implementation and operation of Country-by-Country (CbC) Reporting (BEPS Action 13).

ATO Corporate plan 2017–18

The ATO has released its Corporate Plan 2017/2018, covering the period 2017–18 to 2020–21. The Corporate Plan sets out, among other things, information on the ATO’s strategic objectives, performance, capability and strategic risks.

Progress of legislation

As at 8.9.17

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.