Australian Taxation Office

New or updated materials on ATO website, including:

  • Updated! Rulings program, as at 7 April 2015, includes the following updates:
    • three new draft tax determination on private company deemed dividend rules (Division 7A) and unpaid present entitlements, due to issue in June 2015
    • final determination on whether an employer is entitled to an income tax deduction for annual fees of an airport lounge membership used primarily by its employees in travel for their employer, although employees use the lounge facilities occasionally when they take holidays, due to be issued on 29 April 2015 (not previously issued in draft)
    • final determination on whether a person who carries on business is entitled to a deduction for a gift that is given to a client after the time that services were provided to that client, due to issue on 29 April 2015 (not previously issued in draft)
    • final tax determination on the application of s974-80(1)(d) of the Income Tax Assessment Act 1997 where a company has issued a debt interest to a listed property trust within the same stapled property group (previously issued as TD 2014/D20), due to issue on 22 April 2015

Senate inquiry into tax avoidance

The transcript of Thursday's hearings by the Senate Committee Inquiry into corporate tax avoidance is now available.