Weekly Tax Highlights

Highlights to 20 September 2019

ATO Documents


Taxation Ruling
TR 2019/4Income tax: capital allowances: expenditure incurred by an entity that collects, processes and provides multi-client seismic data

Class Rulings
CR 2019/56 Legend Corporation Limited - scheme of arrangement and special dividend
CR 2019/57 Ozinca Australia Pty Ltd - scrip for scrip rollover

Draft Taxation Determination
TD 2019/D8 Income tax: what is an 'employee share trust'?

Other News


High Court refuses special leave applications

The High Court has refused applications for special leave to appeal the decisions of the Full Federal Court in FCT v Resource Capital Fund IV LP [2019] FCAFC 51 (refer to our Tax Brief here) and Harding v FCT [2019] FCAFC 29 (refer to our Riposte here).

 

Progress of legislation


As at 20.09.19

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

Introduced into the House of Reps 18.09.19

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 (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

Introduced into the Senate 01.08.19.

Bill

Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2019

Description

Reintroduces lapsed Bill containing superannuation measures.  Measure to provide one-off amnesty for employers not meeting their superannuation obligations included in lapsed Bill have not been included.

Status

Passed both Houses and awaiting Royal Assent 19.09.19

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 (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019

Description

Reintroduces measures in lapsed Bill to amend thin capitalisation asset valuation rules, change GST Act for online hotel bookings; remove luxury car tax for re-imported cars refurbished overseas. Measures to broaden SGE definition and better target the R&D Tax Incentive included in lapsed Bill have not been included.

Status

Received Royal Assent 13.09.19. Act No 65 of 2019. 

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 in the House of Reps 04.07.19.

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Authors

Mary Hu

Senior Associate

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Julian Pinson

Director

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