CR 2017/71: Income tax: the ANU Voluntary Early Retirement Scheme (VERS) 2017

CR 2017/72: Income tax: Grower Shares - conversion of Namoi Cotton Co-operative to a company registered under the Corporations Act 2001 by way of variation

CR 2017/73: Income tax: Namoi Capital Stock - conversion of Namoi Cotton Co-operative to a company registered under the Corporations Act 2001 by way of variation

Withdrawn Interpretative Decisions

ATO ID 2010/109: Employment termination payment paid by an employer and Article 14 of the 2003 UK Convention

ATO ID 2010/110: Assessability of an employment termination payment paid to a foreign resident

ATO publishes large corporate groups “tax gap”

On 11 October, the ATO announced that it has published Tax and Corporate Australia, a new publication to explain the large corporate groups “tax gap”. The “tax gap” is the ATO’s estimate of the difference between the tax the ATO collects from large corporate groups and the amount that would have been collected if every taxpayer was fully compliant. The ATO estimated the “net income tax gap” for large companies was approximately 5.8%, or $2.5 billion in 2014–15. In other words, the ATO estimates that $43.5 billion of tax should have been paid in 2014–15, compared to the $41 billion of tax actually paid. The ATO considers that the size of the large corporate groups “tax gap” reflects a tax system that is operating well, demonstrates a high degree of voluntary compliance, and compares favourably with other international jurisdictions.

Progress of legislation

Parliament resumes sitting on 16 October 2017.

As at 13.10.17

Bill

Treasury Laws Amendment (2017 Measures No 6) Bill 2017

Description

Amends the GST Act to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money.

Status

Introduced into House of Reps 14.9.17.

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.