ATO documents

ATO ID 2001/152: Income derived from approved overseas projects ATO ID 2001/256: Approved Overseas Project - Continuous period of qualifying service ATO ID 2002/1084: Income: Bounty or subsidy - whether received in relation to carrying on a business ATO ID 2006/27: Medicare Levy Surcharge: foster child not covered by an insurance policy that provides private patient hospital cover

ATO consultation on thin capitalisation - attribution of ADI equity capital and CFE equity

On 9 January 2018, the ATO announced that it is planning to seek public comment in January 2018 on its draft practical compliance guideline on thin capitalisation - attribution of ADI equity capital and Controlled Foreign Entity equity which is due to be completed by 31 January 2018.

Progress of legislation

As at 12.1.18

Parliament resumes on 5 February 2018.

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

Introduced into House of Reps 19.10.17.

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 House of Reps 18.10.17.

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 the 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 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.