ATO documents

Class Rulings

CR 2017/44: Income tax: scrip for scrip roll-over: acquisition of units in Centuria Urban REIT by Centuria Metropolitan REIT 

CR 2017/45: Income tax: returns of share capital: IPE Limited 

CR 2017/46: Income tax: TNG Limited - Demerger of Todd River Resources Limited

Withdrawn Interpretative Decisions

ATO ID 2002/255: Deductibility of premium paid to acquire government bonds (traditional securities)

ATO ID 2002/757: Deductibility of General Interest Charge imposed on Running Balance Account debt - when incurred or when paid

ATO ID 2002/848: Employee Share Plan - Payments made by a Company to a Plan company

ATO ID 2003/483: Deduction for a loss of accumulated undrawn partnership profits

ATO ID 2003/837: Division 7A: 'Maximum term' of loan where private company takes security over a previously unsecured loan

ATO ID 2004/294: 'Otherwise deductible' rule: application to HECS fees reimbursed by the employer

ATO ID 2004/426: Assessable income: derivation of membership fees for website access

ATO ID 2004/836: Income Tax: Liability to pay a PAYG instalment

OECD BEPS report on neutralising branch mismatches

On 27 July 2017, the OECD released a report on Neutralising the Effects of Branch Mismatch Arrangements (BEPS Action 2). The report sets out recommendations for changes to domestic law in relation to branch mismatch structures.

Foreign resident CGT changes

On 21 July 2017, Treasury released draft legislation to implement certain changes to the CGT regime for foreign residents announced in the 2017-18 Federal Budget. The proposed changes remove the entitlement to the CGT main residence exemption for foreign residents that have dwellings that qualify as their main residence. They also propose to amend the ‘principal asset test’ in Division 855 to clarify that, in determining whether an entity’s underlying value is principally derived from taxable Australian real property, the test applies on an associate inclusive basis.

Progress of legislation

As at 28.7.17

Bill

Treasury Laws Amendment (2017 Measures No. 4) Bill 2017

Description

Income tax relief for transfers within a fund to a MySuper product. Integrity changes to the wine equalisation tax producer rebate rules.

Status

Introduced into House of Reps 22.6.17.

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.