Australian Taxation Office

New or updated materials on ATO website, including:

Exploration expenditure

This TaxTalk Alert, The new exploration ruling - digging for uncertainty, provides an overview of TR 2015/D4, released yesterday, regarding the deductibility of mining and petroleum exploration expenditure.

Review of ATO's audit of employer obligations

The Inspector-General of Taxation has released the Terms of Reference for his review into the ATO's audits of employer obligations (including obligations under the superannuation, PAYG withholding and FBT regimes), and called for submissions, which can be made until 11 December 2015.

Tax Expenditures Statement

The transcripts of public hearings held in Canberra last week in relation to the Parliamentary inquiry looking at how Treasury can improve transparency for the Government's Tax Expenditure Statement are now available.