Weekly Tax Highlights

Highlights to 16 November 2018

ATO documents

Class rulings

CR 2018/44 Income tax: APN Outdoor Group Limited – Scheme of Arrangement and payment of Special Dividend

CR 2018/45 Income tax: scrip for scrip roll-over:  exchange of CHESS Depositary Interests in fourteen BlackRock iShares Funds for units in fourteen new BlackRock Trusts

CR 2018/46 Income tax: ‘Macquarie University Academic Staff Early Retirement Scheme 2018–2019’

Product ruling

PR 2018/13 Income tax: tax consequences for Australian Policyholders of an Executive Investment Bond

Other news

Government proposal to double the value limit available under employee share schemes

On 13 November, the Government announced that it will simplify the current regulatory framework for employee share schemes, including increasing the value limit of eligible financial products that can be offered in a 12 month period from $5,000 to $10,000 per employee. 

Progress of legislation


Parliament will resume on Monday, 26 November 2018.

As at 16.11.18.

Bill

Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018

Description

Implements integrity measures in relation to stapled structures, thin capitalisation, withholding tax exemption for superannuation funds for foreign residents and the sovereign immunity tax exemption.

Status

Introduced into House of Reps 20.09.18.

Bill

Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018

Description

Broadens the SGE definition, amends the thin capitalisation asset valuation rules, better targets the R&D Tax Incentive, changes the GST Act in relation to online hotel bookings and removes the luxury car tax for re-imported cars refurbished overseas.

Status

Introduced into House of Reps 20.09.18.

Bill

Treasury Laws Amendment (2018 Measures No 5) Bill 2018

Description

Technical amendments to the AMIT regime; extending deductible gift recipient status to entities promoting Indigenous languages.

Status

Introduced into the Senate 18.10.18.

Bill

Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2018

Description

Increased penalties and a one off amnesty for employers not meeting their superannuation obligations.

Status

Introduced into Senate 25.06.18.

Bill

Treasury Laws Amendment (2018 Measures No. 4) Bill 2018

Description

Implements the Government’s Superannuation Guarantee (SG) integrity package, extends Single Touch Payroll, and changes Super Fund reporting requirements.

Status

Introduced into Senate 25.06.18.

Bill

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Bill 2018

Description

Implements new rules for foreign residents owning Australian housing, technical amendments to streamline the foreign investment framework and introduces tax incentives to boost investment in affordable housing.

Status

Introduced into Senate 19.03.18.

Bill

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

Description

Establishes 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 Senate 26.06.18.

Bill

Medicare Levy Amendment (National Disability Insurance Scheme Funding) Bill 2017

Description  

Fund the NDIS by amending the Medicare Levy Act 1986 to increase the Medicare levy rate from 2 to 2.5% of taxable income for the 2019-20 income year and later income years. Given the Government’s announcement that the increase to the Medicare Levy will be scrapped, this Bill may not proceed

Status

Introduced into Senate 13.11.17.

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.

 

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