Daily Archives: March 20, 2016

Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 – Early Stage Investment Companies: 20% tax offset on up to $200k investments & 10-year CGT exemption

The Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 was introduced in the House of Reps on Wed 16.3.2016. It proposes the following amendments. Early Stage Innovation Company amendments to the ITAA 1997 to encourage new investment in Australian early stage innovation companies with high growth potential by providing investors, who invest in such companies, by providing…

PCG 2016/D1 – Practical Compliance Guidelines – Draft to introduce the ATO’s new product: advising defacto ‘safe harbours’ in terms of allocating audit resources (‘swim between the flags’)

On 16 March 2016, the ATO announced a new product being the Practical Compliance Guideline, by way of a draft of the first of these: PCG 2016/D1. These Guides will provide taxpayers with “broad law administration guidance”. The ATO says that a PCG may set out the Commissioner’s view on relative levels of tax compliance risk, so that…

‘Backpackers’ Tax’ – Government announces a review of their 2015 Budget Measure to impose treat temporary working holiday makers as non-residents (32.5% tax rate from $1)

On 16th March 2016, the Minister for Tourism: Senator Richard Colbeck issued a press release announcing that the Government would review the so called ‘backpackers’ tax announced in the 2015 budget measure (see below). They are now concerned about it’s impact on Working Holiday Makers plans to visit Australia and particularly our global competitiveness as…