ATO documents

Draft Tax Determination

TD 2018/D2: Income tax: what constitutes 'use' (and potentially first use) of a mining, quarrying or prospecting right, that is a depreciating asset, for the purposes of subsection 40-80(1) of the Income Tax Assessment Act 1997?

Class Rulings

CR 2018/24: Income tax: off-market share buy-back: Virgin Australia Holdings Limited

CR 2018/25: Income tax: treatment of transfer payments to employees - Department of Human Services

CR 2018/26: Income tax: Macquarie Group Limited - Macquarie Group Capital Notes 3

CR 2018/27: Income tax: Mantra Group Limited - Scheme of Arrangement and payment of Special Dividend

Practical Compliance Guideline

PCG 2017/4: ATO compliance approach to taxation issues associated with cross-border related party financing arrangements and related transactions (updated). The updated version includes two new paragraphs 93A and 93B in Schedule 1 (Related party debt funding) in respect of the “leverage of borrower” indicator to allow entities that are financial entities for thin capitalisation purposes to substitute the 60% leverage benchmark for their own pre-asset revaluation safe harbour gearing ratio.

Withdrawn Interpretative Decisions

ATO ID 2007/116: Capital allowances: depreciating asset - use of a mining, quarrying or prospecting right

ATO ID 2010/2: Capital allowances: holder of an intangible depreciating asset - mining, quarrying or prospecting right

ATO ID 2010/64: Capital allowances: depreciating asset - decline in value calculation - use of a mining, quarrying or prospecting right - conducting particular feasibility studies

ATO ID 2010/65: Capital allowances: depreciating asset - decline in value calculation - use of a mining, quarrying or prospecting right - precluding exploration by another entity - priority in obtaining the grant of a mining, quarrying or prospecting right

ATO ID 2010/66: Capital allowances: depreciating asset - decline in value calculation - use of a mining, quarrying or prospecting right - operations in the course of working a mining property

ATO ID 2010/67: Capital Allowances: depreciating asset - decline in value calculation - use of a mining, quarrying or prospecting right - mining property

Progress of legislation 

As at 15.6.18

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

Introduced into House of Reps 24.5.18.

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 House of Reps 24.5.18.

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 House of Reps 24.5.18.

Bill

Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018

Description

Implements the Government’s Income Tax cuts.

Status

Passed House of Reps 23.5.18.

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

Passed House of Reps 10.5.18.

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

Introduced into House of Reps 28.3.18.

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 House of Reps 28.3.18.

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 House of Reps 8.2.18.

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 House of Reps 7.2.18.

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

Introduced into Senate 12.2.18.

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

Introduced into Senate 12.2.18.

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.