Australian Taxation Office
New or updated materials on ATO website, including:
- Broadacre farmers cautioned over R&D offset claims for business as usual expenditure: ATO media release regarding Taxpayer Alert TA 2015/3 issued yesterday
- SuperStream implementation update
- ATO extends support to small business to implement SuperStream
- Annual reports - super co-contributions
- Four years to get it right: information regarding amendments periods for activity statements
- The ATO will host a webinar on 28 October 2015 regarding its review of private advice
Progress of Bills
Tax and Superannuation Laws Amendment (Better Targeting the Income Tax Transparency Laws) Bill 2015 which removes the obligation for the Commissioner to publish tax information for Australian owned private companies, was passed by the Senate yesterday. The Bill now awaits Royal Assent. See also the media release from the Assistant Treasurer regarding passage of the Bill.
The House of Representatives is sitting next week. The draft legislative program is now available, with the following Bills scheduled for debate:
- Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015, which proposes to give effect to a package of measures announced in the 2015-16 Federal Budget to combat multinational tax avoidance, scheduled for debate on Monday.
- Superannuation Legislation Amendment (Trustee Governance) Bill 2015, which will require trustees of registrable superannuation entities to have a minimum of one-third independent directors and an independent Chair on their boards, scheduled for debate on Monday.
- Customs Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015 andCustoms Tariff Amendment (China-Australia Free Trade Agreement Implementation) Bill 2015, which together seek to implement the China-Australia Free Trade Agreement, scheduled for debate on Tuesday and Wednesday.
Customs and trade
Minister for Trade and Investment Andrew Robb has issued a media release welcoming the release of the European Commission’s new trade and investment strategy, confirming it will seek authorisation from the EU's member countries, to negotiate a Free Trade Agreement (FTA) with Australia.