ATO documents

Class rulings

CR 2018/36 Income tax: St George channel scheme – receipt of membership interests in Mallawa Irrigation Limited

CR 2018/37 Fringe benefits tax: employers using the EROAD System for car log book and odometer records

Product rulings

PR 2018/9 Income tax and goods and services tax: tax consequences for an Owner entering into a concurrent lease with Future Rent Pty Ltd

PR 2018/10 Income tax and goods and services tax: tax consequences for a Participant in an urBau joint venture project

Practical compliance guideline

PCG 2018/4 Income tax – liability of a legal personal representative of a deceased person

Draft Law Companion ruling

LCR 2018/D7 Base rate entities and base rate entity passive income

Draft Practical compliance guidelines

PCG 2018/D6 The Commissioner’s discretion to extend the two year period to dispose of dwellings acquired from a deceased estate

PCG 2018/D7 GST – inbound tour operators and agency

Goods and services tax ruling

GSTR 2018/1 Goods and Services Tax: supplies of real property connected with the indirect tax zone (Australia)

Withdrawal – GST tax determination

GSTD 2004/3 Goods and services tax: Is a supply of rights to accommodation a supply of real property for the purposes of the A New Tax System (Goods and Services Tax) Act 1999?

Other news

Taxpayer in Greig appeals to Full Federal Court

The taxpayer in Greig v Commissioner of Taxation [2018] FCA 1084 has appealed against the decision of the Federal Court to the Full Federal Court. The Federal Court held that the taxpayer did not acquire his shares in a business operation or commercial transaction within the Myer principle and was not engaged in the business of dealing in shares and accordingly, was not entitled to deduct losses in respect of the shares under section 8-1 of the Income Tax Assessment Act 1997. Refer to our Riposte here for further details.

Progress of legislation

As at 24.08.18

Bill

Treasury Laws Amendment (Tax Integrity and Other Measures No. 2) Bill 2018

Description

Amends the ITAA 1997 to implement part of the OECD hybrid mismatch rules. Amends the Film Producer Offset, introduces exemptions for the ICC Twenty Twenty World Cup and changes the list of Deductible Gift Recipients.

Status

Received Assent on 24.08.18. Act No.84 of 2018.

Bill

Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018

Description

Small business entities can access expanded accelerated depreciation rules until June 30 2019.

Status

Introduced into Senate 25.6.18.

Bill

Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018

Description

Increased penalties and a one off amnesty for employers not meeting their superannuation obligations.

Status

Introduced into Senate 25.6.18.

Bill

Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018

Description

Implements the Government’s Income Tax cuts.

Status

Received Assent 21.06.18. Act No.47 of 2018.

Bill

Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018

Description

The Bill makes amendments to the Multinational Anti-Avoidance Law, the Small Business CGT Concessions, and Fintech and Venture Capital.

Status

Introduced into Senate 18.6.18

Bill

Treasury Laws Amendment (OECD Multilateral Instrument) Bill 2018

Description

The Bill gives the force of law in Australia to the OECD Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI).

Status

Received Assent on 24.08.18. Act No.83 of 2018.

Bill

Treasury Laws Amendment (2018 Measures No. 4) Bill 2018

Description

Implements the Government’s Superannuation Guarantee (SG) integrity package, extends Single Touch Payroll, and changes Super Fund reporting requirements.

Status

Introduced into Senate 25.6.18.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018

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

Introduced into Senate 19.3.2018.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2018

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

Introduced into Senate 26.6.18.

Bill

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018

Description

Introduces various measures aimed at curbing participation in the "Black economy".

Status

Introduced into Senate 18.6.18

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Passed both Houses. Awaiting Royal Assent 23.08.18.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

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

Introduced into Senate 13.11.17.

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

This Bill was defeated in the Senate on 22.08.18 and is not proceeding.

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.