ATO documents

Taxation Determinations

TD 2017/11: Income tax: who should be assessed to interest on bank accounts?

Law Companion Guidelines 

LCG 2017/1: Superannuation reform: capped defined benefit income streams - pensions or annuities paid from non-commutable, life expectancy or market-linked products.

Practical Compliance Guidelines 

PCG 2017/5: Superannuation reform: commutation requests made before 1 July 2017 to avoid exceeding the $1.6 million transfer balance cap.

Notices of Withdrawal - Taxation Rulings

The ATO has withdrawn a number of taxation rulings and determinations that related to repealed law or otherwise had no ongoing relevance. The full list of rulings and determinations can be found here.

CRS and FATCA – Updated ATO guidance

The ATO has released updated guidance for taxpayers on their obligations under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) regimes from 1 July 2017.

Progress of legislation

As at 28.04.17

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property

Status

Introduced into House of Reps 30.3.17.

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Bill

Treasury Laws Amendment (GST Low Value Goods) Bill 2017

Description

GST imposed on low cost imported goods

Status

Introduced into House of Reps 16.2.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.

Bill

Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016

Description

Immediately reduces the tax rate for businesses with turnover of up to $10 million. Reduces the company tax rate for all businesses with an aggregated turnover of less than $50m to 25 per cent by 2026/27. Increases the unincorporated tax discount for small business.

Status

Passed Senate with amendments 31.3.17. Awaiting reintroduction into the House of Reps.