Australian Taxation Office
New or updated materials on ATO website, including:
- Class ruling, Product Ruling and withdrawn Product Rulings released yesterday
- Decision Impact Statement on Resource Capital Fund III - the Commissioner agrees with the Court's decision but notes that partners of a limited partnership who are resident in a treaty partner country are entitled to the benefits of an applicable treaty on the basis that it is appropriate for Australia to view the profits derived by the limited partnership as having been derived by the partners. Comments due 14 October 2015.
- Form for instructing a valuer
- Updated: Test Case Litigation Register, as at 14 September 2015
Royal Assent to Bill
Tax and Superannuation Laws Amendment (2015 Measures No. 2) Bill 2015 received Royal Assent yesterday. This Bill provides tax relief for certain mining arrangements, increases the statutory effective life of in-house software, provides income tax look-through treatment for instalment warrants and similar arrangements, and amends the company loss recoupment rules.
Progress of Bills
Tax and Superannuation Laws Amendment (2015 Measures No. 4) Bill 2015 was passed by the Senate yesterday and now awaits Royal Assent. This Bill proposes to amend scrip-for-scrip roll-over relief, remove the income tax exemption for certain employees of an Australian government agency who work overseas, and increase the threshold relating to a lost superannuation member account.
Asian Infrastructure Investment Bank
The legislation that enables Australia to become a founding member of the Asian Infrastructure Investment Bank (AIIB) completed its passage through Parliament yesterday. The AIIB will fund major infrastructure projects throughout the Asian region and is expected to become operational before the end of 2015.
The future of Australia's GST conference
PwC was represented at yesterday's Tax Transfer Policy Institute Crawford School's The Future of Australia's GST: Good Design for the Real World conference. The Assistant Treasurer, Josh Frydenberg, in his speech at the conference - An Efficient and Resilient GST- set out the history of Australia's GST, its current status and discussed future integrity measures.