ATO Documents

Class Ruling CR 2019/68 Brambles Limited - return of capital

Draft Taxation Determination TD 2019/D11 Income tax: where a liability is assumed on acquisition of a CGT asset, the assumed liability is excluded from the cost base of the asset if expenditure on discharge of the liability is deductible

Practice Statement - Update PS LA 2011/17 Debt relief, waiver and write off

Taxpayer Alert

TA 2019/2 Trusts avoiding CGT by exploiting restructure rollover  

Tax Cases

Addy v FCT [2019] FCA 1768

The Federal Court has held in a test case that a British citizen who was on a working holiday in Australia and was found to be an Australian resident for tax purposes for part of the period, was entitled to the tax-free threshold. Further, the non-discrimination clause in Article 25 of the Double Taxation Agreement between Australia and the UK operated to prohibit the taxpayer from being taxed at the working holiday tax rate.  

Progress of legislation

As at 01.11.19

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019

Description

Reintroduces measures in lapsed Bill including: removal of CGT main residence exemption for foreign residents; applying principal asset test on associate inclusive basis; providing an affordable housing CGT discount of up to 10 per cent; enabling reconciliation payments to be made by developers who sell dwellings to foreign persons under near-new dwelling exemption certificates

Status

Introduced into the House of Reps 23.10.19

Bill

Treasury Laws Amendment (2019 Measures No 2) Bill 2019

Description

Extends the genuine redundancy age limit to pension age, provides for interest to be paid on super payments made by ATO and provides a full luxury car tax refund (up to $10,000) for eligible primary producers and tourism operators.

Status

Received Royal Assent 28.10.19. Act No 94 of 2019

Bill

Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019

Description

Reintroduces measures in lapsed Bill to provide a one off amnesty for employers not meeting their superannuation obligations.

Status

Introduced in the House of Reps 18.09.19

Bill

Treasury Laws Amendment (International Tax Agreements) Bill 2019

Description

Bill to give the force of law in Australia to the new double tax agreement (DTA) between Australia and Israel, and to introduce a deemed source of income rule in domestic law

Status

Passed by the House of Reps 24.10.19

Bill

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019

Description

Prevent small business CGT concessions from being available for partner assignments; extend anti-avoidance rule for closely held trusts to include family trusts that undertake circular trust distributions; deny deductions relating to holding vacant land; ATO disclosure of business tax debts to credit reporting bureaus; prevent salary sacrifice from reducing SG contributions; electronic invoicing implementation; TOFA amendments

Status

Received Royal Assent 28.10.19. Act No 95 of 2019

Bill

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

Description  

Reintroduces lapsed Bill to prohibit creditor-defeating dispositions of company property; improve accountability of resigning directors; allow Commissioner to collect estimates of anticipated GST liabilities; make company directors personally liable for GST; authorise Commissioner to retain tax refunds.

Status

Introduced into the House of Reps 04.07.19.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

Description

Reintroduces measures in lapsed Bill to establish 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 the Senate 17.10.19.