ATO Documents

Taxation Determination

TD 2021/1 Income tax: value of goods taken from stock for private use for the 2020-21 income year

Law Companion Ruling

LCR 2021/1 OECD hybrid mismatch rules - targeted integrity rule

Class Rulings

CR 2021/1 Bank of Queensland Limited - BOQ Capital Notes 2

CR 2021/2 Home Consortium Group - return of capital by way of in specie distribution

Practical Compliance Guideline

PCG 2021/1 Application of market value substitution rules when there is a buy-back or redemption of hybrid securities - methodologies for determining market value for investors holding their securities on capital account

Other news

Commissioner appeals Glencore Investment case to High Court

The Commissioner has applied for special leave in the High Court to appeal the decision of the Full Federal Court in Commissioner of Taxation v Glencore Investments Pty Ltd [2020] FCAFC. For details of the Full Federal Court’s decision refer to our Tax Insight here.

Progress of Legislation

Parliament to resume on 2 February 2021.

Bill

Treasury Laws Amendment (2020 Measures No. 6) Bill 2020

Description

Amends the temporary full expensing and backing business investment provisions to enable more flexibility for businesses to access the concessions as well as other technical amendments to various laws in the Treasury portfolio, including tax.

Status

Receive Royal Assent on 17.12.20 Act 141 of 2020

Bill

Economic Recovery Package (JobMaker Hiring Credit) Amendment Bill 2020

Description

Implements the JobMaker Hiring Credit measure from the 2020-21 Budget.

Status

Received Royal Assent on 13.11.20 Act 96 of 2020

Bill

Treasury Laws Amendment (2020 Measures No. 5) Bill 2020

Description

Amends the Income Tax Assessment Act 1997 to make tax free certain small business grants relating to COVID-19.

Status

Passed both Houses on 10.12.20

Bill

Treasury Laws Amendment (2020 Measures No. 4) Bill 2020

Description

Amends the Income Tax Assessment Act 1997 to make refunds of large-scale generation shortfall charges non-assessable non-exempt income.

Status

Introduced in the House of Reps on 28.10.20

Bill

Treasury Laws Amendment (More Flexible Superannuation) Bill 2020

Description

Implements the 2019-20 Budget measure to bring forward age limit to 65 and 66 for non-concessional super contributions.

Status Introduced in the Senate 31.08.20