Weekly Tax Highlights

Highlights to 4 October 2019

ATO Documents


Class Ruling

CR 2019/61 South Australian Councils - GST treatment of fees and charges imposed

Product Ruling
PR 2019/7 Income tax: PPS Mutual Professionals Choice – 2019

Draft Taxation Determination
TD 2019/D9 Income tax: commercial debt forgiveness - does the exclusion for debts forgiven for reasons of natural love and affection require that the creditor be a natural person?

Draft Law Companion Ruling
LCR 2019/D3 Non-arm's length income - expenditure incurred under a non-arm's length arrangement

Practical Compliance Guideline
PCG 2019/7 Compliance approach for large APRA-regulated superannuation funds in respect of pension tax bonuses not included in members' opening account balances on commencement of a pension

Draft Practical Compliance Guidelines

PCG 2019/D6      Compliance approach for complying superannuation funds in respect of applying the non-arm's length income provisions to 'non-arm's length expenditure'
PCG 2019/D7 ATO compliance approach to GST apportionment of acquisitions that relate to certain financial supplies

 

Progress of legislation


As at 04.10.19

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

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. 

Status

Received Royal Assent 02.10.19. Act No 78 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 (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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