ATO Documents
Taxation Ruling TR 2019/5 Income tax: effective life of depreciating assets (applicable from 1 July 2019)
Class Rulings CR 2019/40 MyLogbook Solution - use for FBT car logbook and odometer records CR 2019/41 YWCA Canberra Ltd - deductibility of donations under a Payment Direction Deed CR 2019/42 Amcor Limited - scrip for scrip roll-over
Product RulingPR 2019/4 Income tax: Challenger Guaranteed Annuity (Liquid Lifetime) – 2019
Draft Law Companion RulingLCR 2019/D2 Non-concessional MIT income. For further details, refer to our Riposte here.
Draft Good and Services Taxation RulingGSTR 2019/D1 Goods and services tax: determining the creditable purpose of acquisitions in relation to transaction accounts
Practical Compliance Guidelines PCG 2017/13 Division 7A - unpaid present entitlements under sub-trust arrangements maturing in the 2017, 2018, 2019 or 2020 income years PCG 2019/5 The Commissioner's discretion to extend the two year period to dispose of dwellings acquired from a deceased estate
Progress of legislation
Federal Parliament resumed on Tuesday, 2 July 2019. As at 28.06.19
| Description | Introduced by the Government into the Senate to reform the mutual sector including amendments to the Corporations Act and related tax amendments. |
| Status | Received Royal Assent 05.04.19. Act No 37 of 2019. |
| Description | Prohibit creditor-defeating dispositions of company property; improve accountability of resigning directors; allow the Commissioner to collect estimates of anticipated GST liabilities; make company directors personally liable for GST; authorise the Commissioner to retain tax refunds. |
| Status | Lapsed at dissolution 11.04.19 |
| Bill | |
| Description | Increases the threshold below which amounts can be immediately deducted by small businesses and extends the time period during which small business entities can access expanded accelerated depreciation rules. |
| Status | Received Royal Assent 06.04.19. Act No 51 of 2019. |
| Bill | |
| Description | Implements integrity measures in relation to stapled structures, thin capitalisation, withholding tax exemption for superannuation funds for foreign residents and the sovereign immunity tax exemption. The Bill was amended in relation to premises used primarily for the provision of disability accommodation and student accommodation. |
| Status | Received Royal Assent 05.04.19. Act No 34 of 2019. |
| Bill | |
| Description | Broadens the SGE definition, amends the thin capitalisation asset valuation rules, better targets the R&D Tax Incentive, changes the GST Act in relation to online hotel bookings and removes the luxury car tax for re-imported cars refurbished overseas. |
| Status | Lapsed at dissolution 11.04.19 |
| Description | Increased penalties and a one off amnesty for employers not meeting their superannuation obligations. |
| Status | Lapsed at dissolution 11.04.19 |
| Description | Implements new rules for foreign residents owning Australian housing, technical amendments to streamline the foreign investment framework and introduces tax incentives to boost investment in affordable housing. |
| Status | Lapsed at dissolution 11.04.19 |
| Description | Establishes the foundation for the Government's new Fintech framework. Makes a number of technical amendments to the Early Stage Venture Capital Limited Partnership, Venture Capital Limited Partnership and Tax Incentives for Early Stage Investor regimes. |
| Status | Lapsed at dissolution 11.04.19 |
| 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. Given the Government’s announcement that the increase to the Medicare Levy will be scrapped, this Bill may not proceed |
| Status | Lapsed at dissolution 11.04.19 |
| Description | Superannuation reform package. |
| Status | Lapsed at dissolution 11.04.19 |
