New or updated materials on ATO website, including:
- Class rulings scheduled to be released this Wednesday
- Updated: Matters under consultation with the ATO, as at 28 August 2015, includes the following new matters:
- Goods and services tax (GST) waiver of tax invoice
- Natural resource income
- Effective Tax Borne model (pilot)
- Updated: New matters under consideration for ATO consultation, as at 28 August 2015, includes ATO advice and guidance on earnout arrangements, fringe benefits tax (FBT) and remote area accommodation, and PAYG variation and lodgment
- Reporting due dates for foreign investors fast approaching for those who own residential real estate or have an agricultural land holding
- Guide for small business directors
- Speech by ATO Assistant Commissioner (SMSF Segment, Superannuation), Kasey Macfarlane, regarding the ATO’s new regulatory compliance powers to deter and address contraventions of the Superannuation Industry (Supervision) Act 1993 by SMSF trustees
Exposure draft legislation
Treasury has released exposure draft law (Treasury Legislation Amendment (Spring Repeal Day) Bill 2015) which proposes to:
- provide for the Australian Business Number (ABN) to be the single numerical identifier for a registered company and to allow an entity with an ABN to use it instead of a tax file number (TFN) from 1 July 2016
- enable the Commissioner of Taxation to pay certain superannuation amounts directly to individuals with a terminal medical condition and to remove the requirement for superannuation funds to lodge a separate biannual lost members statement with the Commissioner, and
- amend the tax law to remove a number of inoperative or spent provisions including the tax-exempt infrastructure borrowing concession.
Submissions can be made until Monday 28 September 2015.