Australian Taxation Office
New or updated materials on ATO website, including:
- Rulings scheduled to issue on Wednesday including final GST ruling on development lease arrangements with Government entities, draft determination on retiring partner distributions, and draft determination on applying deemed dividend rules in a consolidated group
- Company tax returns amended - loss carry-back repeal: the ATO has amended company tax return for companies no longer eligible for a loss carry back offset following its repeal last year
- Latest release of eSAT, the electronic superannuation audit tool designed to help independent approved self-managed super fund auditors fulfil their obligation, is now available
- Updated: Employee share scheme - guide for employers
- The ATO has released most of the 2015 income tax return forms and schedules. A full list is available on the ATO website
Progress of Bills
Superannuation Guarantee (Administration) Amendment Bill 2015, which proposes to remove the obligation for employers to offer a choice of superannuation fund to temporary resident employees, or when superannuation funds merge, has been referred to the Senate Economics Legislation Committee for inquiry and report by 15 June 2015.
The House of Representatives is sitting this week. The draft program lists the following bills for debate this week:
- Labor 2013-14 Budget Savings (Measures No 1) Bill 2014 which proposes to repeal the second round of carbon tax-related personal income tax cuts that are due to start on 1 July 2015.
- Tax Laws Amendment (Small Business Measure No. 1) Bill 2015, which proposes to reduce the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities.
- Tax Laws Amendment (Small Business Measure No. 2) Bill 2015, which proposes to provide a temporary up-front deduction for small business entities for depreciating assets up to $20,000 and accelerated depreciation for primary producers for water facilities, fodder storage assets and fencing.
- Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2015, which proposes to increase the Medicare levy and Medicare levy surcharge low-income thresholds for the 2014-15 year.
- Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015, which contains, among other things, proposed amendments to the Offshore Banking Unit (OBU) regime and amendments to implement the third element of the Investment Manager Regime (IMR).
- Tax and Superannuation Laws Amendment (2015 Measures No. 3) Bill 2015, which proposes amendments to abolish the seafarer tax offset and reduce the rates of the R&D tax offset by 1.5 percentage points with effect from 1 July 2014.
- Crimes Legislation Amendment (Penalty Unit) Bill 2015, which proposes to increase the amount of the Commonwealth penalty unit to $180 with effect from 31 July 2015, and provides for the amount to be automatically adjusted every three years in line with inflation.
- Superannuation Guarantee (Administration) Amendment Bill 2015, which proposes to remove the obligation for employers to offer a choice of superannuation fund to temporary resident employees, or when superannuation funds merge, with effect from 1 July 2015.