ATO documents

Draft Taxation Determination

TD 2018/D1: Income tax: schemes that limit a taxable presence in Australia under section 177DA of the Income Tax Assessment Act 1936 - meaning of 'directly in connection with'

Draft Law Companion Ruling

LCR 2018/D2: Residential premises deductions: travel expenditure relating to rental investment properties

Legislative Determination

SPR 2018/D2: Draft Taxation Administration Member Account Transaction Service - the Reporting of Information Relating to Superannuation Account Transactions 2018

Notices of Withdrawal - Taxation Determinations

TD 2012/3: Fringe benefits tax: for the purposes of section 135C of the Fringe Benefits Tax Assessment Act 1986 , what is the exemption threshold for the fringe benefits tax year commencing on 1 April 2012?

TD 2012/4: Fringe benefits tax: for the purposes of section 28 of the Fringe Benefits Tax Assessment Act 1986 , what are the indexation factors for valuing non-remote housing for the fringe benefits tax year commencing on 1 April 2012?

TD 2012/6: Fringe benefits tax: what are the rates to be applied on a cents per kilometre basis for calculating the taxable value of a fringe benefit arising from the private use of a motor vehicle other than a car for the fringe benefits tax year commencing on 1 April 2012?

TD 2012/7: Fringe benefits tax: what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2012?

Addendum - Law Companion Ruling

LCG 2016/8: Superannuation reform: transfer balance cap and transition-to-retirement reforms: transitional CGT relief for superannuation funds

Other news

ATO reviews guidance on allocation of profits within professional firms

On 4 May, the ATO announced on its website that consultation has been ongoing since early 2018 to provide new guidance on the allocation of profits within professional firms by 30 June 2018, following the suspension as of 14 December 2017 of the Assessing the Risk: Allocation of profits within professional firms guidelines and Everett Assignment web material published in 2015.

Progress of legislation 

Federal Parliament resumed on Tuesday, 8 May 2018.

As at 4.5.18

Bill

Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018

Description

The Bill makes amendments to the Multinational Anti-Avoidance Law, the Small Business CGT Concessions, and Fintech and Venture Capital.

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018

Description

The Bill gives the force of law in Australia to the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (2018 Measures No. 4) Bill 2018

Description

Implements the Government’s Superannuation Guarantee (SG) integrity package, extends Single Touch Payroll, and changes Super Fund reporting requirements.

Status

Introduced into House of Reps 28.3.18.

Bill

Treasury Laws Amendment (Income Tax Consolidation Integrity) Bill 2018

Description

Makes various amendments to the Consolidation regime.

Status

Received Assent 28.3.18. Act No.14 of 2018.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018

Description

Implements new rules for foreign residents owning Australian housing, technical amendments to streamline the foreign investment framework and introduces tax incentives to boost investment in affordable housing.

Status

Introduced into Senate 19.3.2018.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2018

Description

Establishes 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 into House of Reps 8.2.18.

Bill

Treasury Laws Amendment (2018 Measures No. 1) Bill 2018

Description

Makes several regulatory amendments, repeals inoperative provisions, extends tax relief for merging superannuation funds, and amends the GST laws relating to property.

Status

Received Assent 29.3.18. Act No.23 of 2018.

Bill

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018

Description

Introduces various measures aimed at curbing participation in the "Black economy".

Status

Introduced into House of Reps 7.2.18.

Bill

Treasury Laws Amendment (Junior Minerals Exploration Incentive) Bill 2017

Description

Replaces the former Exploration Development Incentive with the Junior Mineral Exploration Tax Credit.

Status

Received Assent 28.3.18. Act No.15 of 2018.

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Introduced into Senate 12.2.18.

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. Given the Government’s announcement that the increase to the Medicare Levy will be scrapped, this Bill may not proceed

Status

Introduced into Senate 13.11.17.

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 Senate 12.2.18.

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.