Australian Taxation Office

New or updated materials on ATO website, including:

Reforms to insurance industry

The Assistant Treasurer has announced that the Government will introduce a package of reforms for the life insurance industry to commence from 1 July 2016. The package will include amendments to the Corporations Act 2001 to facilitate the rationalisation of legacy products in the life insurance and managed investment sectors, with further analysis of the tax implications to be explored as part of the Tax White Paper process.

Tax Reform

The Queensland Treasurer Chris Pitt has released a statement indicating that the Queensland Government will not support a proposal to widen the base or increase the rate of the GST. Additionally, last week the National Centre for Social and Economic Modelling (NATSEM) released a report on The Distributional Impact of the GST.

Customs and Trade

The Senate Committee on Foreign Affairs, Defence and Trade last week tabled its reports on the China-Australia Free Trade Agreement (ChAFTA) and the provisions of the Customs Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015 and Customs Tariff Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015, which together seek to implement the ChAFTA. The Committee recommends that binding treaty action be taken in relation to the ChAFTA, and that the Bills be passed by the Senate (with a dissenting report from the Greens in both cases).