ATO Documents

Class Rulings

CR 2017/47: Income tax: 'South32 Illawarra Coal Holdings Pty Ltd Retirement Scheme 2017'

CR 2017/48: Income tax: CGT roll-over - exchange of shares in Touchcorp Limited for shares in Afterpay Touch Group Limited

CR 2017/49: Income tax: CGT roll-over - exchange of shares in Afterpay Holdings Limited for shares in Afterpay Touch Group Limited

CR 2017/50: Income tax: roll-over - exchange of employee share rights in Afterpay Holdings Limited for share rights in Afterpay Touch Group Limited

CR 2017/51: Income tax: 'EnergyAustralia Yallourn Early Retirement Scheme 2017'

Withdrawn Interpretative Decisions

ATO ID 2002/829: Deduction - Meals, accommodation and incidental expenses for plant operator

Legislative Instrument

Taxation Administration (Remedial Power—Foreign Resident Capital Gains Withholding) Determination 2017 – this deals with settlement periods that straddle an income year.

Discretionary trusts

The Opposition leader Bill Shorten has announced that a Labor Government, if elected, will introduce a standard minimum 30 per cent tax rate for discretionary trust distributions to beneficiaries over the age of 18, excluding distributions from certain farm trusts and charitable/philanthropic trusts.

Reportable tax positions

The ATO is extending the obligation to lodge a reportable tax position schedule to companies in economic groups with a turnover greater than $250 million, for income years ending on or after 30 June 2018. The ATO has advised that it will provide advance notice to affected taxpayers.

Bank levy – APRA reporting standard

Financial Sector (Collection of Data) (reporting standard) determination No. 13 of 2017, which contains Reporting Standard ARS 760.0 for the collection by APRA on behalf of the Commissioner of Taxation of information relevant to the calculation of the major bank levy, was registered on 1 August 2017.

Discussion paper - Low Value Imported Goods

The Productivity Commission has released a Discussion Paper on GST collection measures in relation to offshore supplies of low value goods.

Taxation Administration Regulations 1976

Treasury has released draft regulations for the remake of the Taxation Administration Regulations 1976, which are due to sunset on 1 October 2017.

Progress of legislation

As at 4.8.17

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.