Following the 2016 Federal Budget, on Tue 3.5.2016, the ATO released a number of webpages highlighting various proposed tax measures (see below). The ATO has also prepared a webpage summarising start dates of various Budget proposals. From the ATO website: Multinational tax measures Implementation of the OECD hybrid mismatch rules – The ATO notes that “legislation is currently being…
The Government is calling for feedback on the best way to ensure investors into FinTech startup activities can be eligible for the venture capital tax concessions. The Government’s FinTech statement, released in March 2016, committed to encouraging investment in FinTech firms by ensuring that the tax concessions are available for venture capital investments in FinTech startups, including banking and…
On 3 May 2016, the Government announced that it will seek community input on the OECD’s proposals for Mandatory Disclosure Rules, which require tax advisers and/or taxpayers to make early disclosures of aggressive tax arrangements (often before income tax returns are lodged), to provide tax authorities with timely information on arrangements that have the potential to undermine…
The Industry Research and Development Amendment (Innovation and Science Australia) Bill 2016 was introduced into the House of Reps on Wed 4.5.2016. The Bill makes consequential amendments to a number of Acts in relation to broadening the purposes and functions under the Industry Research and Development Act 1986 to provide for strategic advice and programs in relation to industry, innovation, science and research.…
The Tax and Superannuation Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2016 received Royal Assent on Wed 4.5.2016 as Act No 39 of 2016. The Bill had passed all stages without amendment. [APH website] This Act amends [EM para 1.6]: subsections 3(1) and 8(5) to 8(7) of the Medicare Levy Act 1986 to increase the threshold amounts and…
The Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015, Income Tax Rates Amendment (Managed Investment Trusts) Bill 2015, Medicare Levy Amendment (Attribution Managed Investment Trusts) Bill 2015 and the Income Tax (Attribution Managed Investment Trusts – Offsets) Bill 2015 passed the Senate without amendment on 4 May 2016 and received Royal Assent on 5 May 2016 (as Acts No.…
The Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 was passed with 4 Government amendments and the House of Reps for approved those amendments, with Royal Assent as Act No. 52 of 2016. The amendments seek to allow non-residents and their resident agents to agree that the resident agent will be the liable entity for GST…
The Federal Court has held that the AAT erred in dismissing a self-represented taxpayer’s application before it under s 42A(5) of the Administrative Appeals Tribunal Act 1975 (which allows the AAT to dismiss a matter before it if the taxpayer fails to proceed with their application). In this case the taxpayer refused to proceed with the…
The Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 received Royal Assent as Act No. 54 of 2016. This act effects the following amendments: It would amend 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 tax incentives.…
The Court of Appeal of the Supreme Court of Victoria has unanimously allowed the taxpayer’s appeal from the decision in Comr of State Revenue v Kameel Pty Ltd [2015] VSC 229 in which the Court held that the taxpayer, as vendor of a parcel of commercial property was liable for land tax in the 2010 to 2012…