ATO Documents

Class Ruling CR 2019/43 IMB Ltd - off-market share buy-back

Other News

ATO releases Findings Report for Top 1,000 Program On 9 July 2019 the ATO released on its website its key findings for the Top 1,000 Tax Performance Program as at March 2019, sourced from over 280 streamlined assurance reviews. The ATO noted that for reviews completed to the end of January 2019, the majority of taxpayers obtained medium assurance ratings. Transfer pricing was identified as the most common area arising in reviews with over 70% of Top 1,000 taxpayers disclosing related party dealings.

ATO consultation on extending RTP schedule to private companies The ATO has released a paper seeking feedback on expanding the requirement to lodge a Reportable Tax Position (RTP) Schedule to large private companies and corporate groups. The ATO proposes to expand the RTP Schedule lodgement requirements to all companies with a total business income exceeding $25 million that are part of an economic group with total business income of greater than $250 million for income years ending on or after 30 June 2020. Comments are due by 5 August 2019.

UK digital services tax policy paper and draft legislation released On 11 July, the UK Government released a policy paper and draft legislation to introduce, from 1 April 2020, a new 2% digital services tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users.

Progress of legislation

As at 12.07.19 Parliament will resume on 22 July 2019.

Description

This Bill implements the personal tax cuts measures announced in the 2019-2020 Federal Budget. The Bill increases the base and maximum amounts of low and middle income tax offset for the 2018-19, 2019-20, 2020-21 and 2021-22 income years, increases the amount of low income tax offset from 2022-23, and reduces the tax payable by individuals in 2022-23 and later income years by increasing income tax rate thresholds and in 2024-25 and later income years by reducing the 32.5% income tax rate to 30%.

Status

Received Royal Assent 05.07.2019. Act 52 of 2019.

Description

Reintroduces measures in lapsed Bill to prohibit creditor-defeating dispositions of company property; improve accountability of resigning directors; allow the Commissioner to collect estimates of anticipated GST liabilities; make company directors personally liable for GST; authorise the Commissioner to retain tax refunds.

Status

Introduced in the House of Reps 04.07.19.

Bill

Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019

Description

Reintroduces measures in lapsed Bill to amend the thin capitalisation asset valuation rules, change the GST Act in relation to online hotel bookings and removes the luxury car tax for re-imported cars refurbished overseas. The measures to broaden the SGE definition and better target the R&D Tax Incentive that were included in the lapsed Bill have not been included in this Bill.

Status

Introduced in the House of Reps 04.07.19.

Description

Reintroduces measures in lapsed Bill to establish 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 in the House of Reps 04.07.19.