Weekly Tax Highlights

Highlights to 7 September 2018

ATO documents

Product Ruling
PR 2018/11 Income tax: OnePath Life – OneCare Policy – Life Cover, Total and Permanent Disability Cover and/or Trauma Cover – Value Protector Option

Addendum
PR 2018/7 Income tax: tax consequences of investing in PTrackERS

 

Progress of legislation

Federal Parliament resumed on Monday, 10 September 2018. 

As at 07.09.18

Bill

Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018

Description

Small business entities can access expanded accelerated depreciation rules until June 30 2019.

Status

Introduced into Senate 25.6.18.

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 25.6.18.

Bill

Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018

Description

The Bill makes amendments to the Multinational Anti-Avoidance Law, the Small Business CGT Concessions, and Fintech and Venture Capital.

Status

Introduced into Senate 18.6.18

 

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 25.6.18.

 

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 19.3.2018.

 

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 26.6.18.

 

Bill

Treasury Laws Amendment (Black Economy Taskforce Measures No. 1) Bill 2018

Description     

Introduces various measures aimed at curbing participation in the "Black economy".

Status

Introduced into Senate 18.6.18

 

Bill

Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017

Description     

Clarifies that certain corporate tax entities will not qualify for the lower corporate tax rate if, broadly, more than 80 per cent of their assessable income is income of a passive nature.

Status

Received Assent on 31.08.18. Act No.94 of 2018. 

 

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 (Enterprise Tax Plan No. 2) Bill 2017

Description     

Extends the reduction of the corporate tax rate to 25 per cent by 2026/27 to businesses with turnover of more than $50 million.

Status

This Bill was defeated in the Senate on 22.08.18 and is not proceeding.

 

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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