Australian Taxation Office
Legislation cleared for introduction into Parliament
Tax and Superannuation Laws Amendments (2015 Measures No 5) Bill has been cleared for introduction into Federal Parliament. This Bill is not listed for introduction into the House of Representatives today. Although no information has been provided as to what might be in this Bill, it may include a number of measures which have been subject to recent consultation such as the third party reporting, CGT for non-resident withholding, changes to car expense deduction rules and possibly the new earnout proposals.
Foreign Investment Reform
Treasury has released exposure draft regulations to support reforms to the foreign investment framework. The regulations contain key provisions that complement the package of reforms that is currently before Parliament, including the definition of agribusiness, definitions and rules around foreign government investors, aspects of the Government's modernisation package and fees for notifiable actions. Submissions can be made until Friday 30 October 2015.