HIGHLIGHTS TO 7 JULY 2017

ATO documents

Taxation Ruling

TR 2017/4: Income tax: taxation of rights and retail premiums under renounceable rights offers where shares held on capital account

Taxation determination

TD 2017/19: Income tax: what are the reasonable travel and overtime meal allowance expense amounts for the 2017-18 income year?

Class Rulings

CR 2017/40: Fringe benefits tax: employer clients of PBI Benefits Solutions Pty Ltd who are subject to the provisions of section 57A or 65J of the Fringe Benefits Tax Assessment Act 1986 whose employees make use of a PBI Solutions Everyday Purchases Card facility

CR 2017/41: Fringe benefits tax: employer clients of Smartgroup Corporation Ltd who are subject to the provisions of section 57A or 65J of the Fringe Benefits Tax Assessment Act 1986 that make use of the Smartgroup Everyday Purchases Card facility

CR 2017/42: Fuel tax: clients of Navman Wireless Australia Pty Ltd who use the GPS Data Report generated by FTC Manager for calculating kilometres travelled and the hours used by auxiliary equipment in or on a vehicle as a record for fuel tax credit purposes

Product Ruling

PR 2017/8: Income tax: tax consequences of investing in the Macquarie Torque Swap

Addenda - Taxation Ruling

TR 97/25: Income tax: property development: deduction for capital expenditure on construction of income producing capital works, including buildings and structural improvements

Withdrawn Interpretative Decisions

ATO ID 2002/616: Deductibility of accommodation expenses for a person who lives a long distance from their work place

ATO ID 2002/807: Deductions: meal expenses whilst on overnight business travel

ATO ID 2002/626: Renovations to a building on a farming property

ATO ID 2010/41: Capital works: plant - improvements partly used for accommodation of employees

Draft Practical compliance guidelines

PCG 2017/D12: Income tax - liability of a legal personal representative of a deceased person

Progress of legislation

As at 7.7.17

Bill

Treasury Laws Amendment (2017 Measures No. 4) Bill 2017

Description

Income tax relief for transfers within a fund to a MySuper product. Integrity changes to the wine equalisation tax producer rebate rules.

Status

Introduced into House of Reps 22.6.17.

Bill

Treasury Laws Amendment (Enterprise Tax Plan No. 2) Bill 2017

Description

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

Introduced into House of Reps 11.5.17.

Bill

Treasury Laws Amendment (2017 Enterprise Incentives No. 1) Bill 2017

Description

Similar business test; Effective life assessment on intellectual property.

Status

Introduced into Senate 22.6.17.

Bill

Superannuation (Objective) Bill 2016

Description

Superannuation reform package.

Status

Introduced into Senate 23.11.16. Awaiting passage by Senate.