Significant entities ($1b global turnover) who may be affected by the Multinational Anti-Avoidance Law – should contact the ATO by 31 March 2016

Tax Month - March 2016

On Friday 11 March 2016, the ATO advised (on its website) that there are three weeks left to notify us if you think your arrangements may be within the scope of the Multinational Anti-Avoidance Law (MAAL). If you meet the definition of a significant global entity (AUD 1b turnover) and are potentially impacted by the…

LCG 2015/D1 – Purpose, nature and role of ATO’s Law Companion Guidelines – whenever a new law introduces a new regime or unfamiliar concept etc.

Tax Month - March 2016

Draft Law Companion Guideline LCG 2015/D1, issued on Thur 10.3.2016, discusses the purpose, nature and role of the Law Companion Guideline, a type of public ruling on newly enacted tax legislation. The ATO began publishing Law Companion Guidelines in 2015 and intends to issue a Guideline whenever a new law introduces a new regime or unfamiliar…

GST – Bill to tax digital imports (e.g. ‘Netflix’) and cross-border changes – Senate Committee’s report

Tax Articles

report The Senate – Economics Legislation Committee – Report on Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016 [Provisions]  Introduction and background to the bill  Referral and conduct of the inquiry  1.1 On 25 February 2016, the Senate referred the provisions of the Tax and Superannuation Laws Amendment (2016 Measures No. 1) Bill 2016…

GST – taxing digital imports (Netflix tax) & cross-border amendments – Committee reports in favour of passing the Bill

Tax Month - March 2016

The Senate Economics Legislation Committee on Thur 10.3.2016, released its report into the Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 and recommended the Bill be passed. The Bill had been passed by the House of Reps without amendment. The Bill proposes to: extend GST to digital products and other services imported by consumers. GST will…

CR 2016/12 & 13 – No car parking fringe benefit; in-specie distribution on demerging is not a ‘dividend’ (and ‘anti-streaming’ rules will not apply)

Tax Month - March 2016

Two Class Rulings were issued on Wed 9.3.2016: CR 2016/12 (FBT: employers who are clients of United Airport Parking Pty Ltd and who enter into the Corporate Car Parking Agreement). The Class Ruling provides that a car benefit does not arise for FBT purposes while an employer’s car is parked at the United Airport Parking’s lock up car parking…

The objective ‘superannuation’ is to be enshrined in law – discussion paper released (creating a ‘savings pool’ already been achieved)

Tax Month - March 2016

In October 2015, the Government announced that it would develop legislation to enshrine the objective of superannuation, as part of its response to the Financial System Inquiry (FSI). The Government has accepted the recommendation of the FSI that the objective of the superannuation system is to provide income in retirement to substitute or supplement the…