Australian Taxation Office

New or updated materials on ATO website, including:

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.