Budget Tax Announcements – ATO website pages including a list of starting dates

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…

Encouraging venture capital investment in Financial Technology (‘FinTech’) – Govt seeks feedback, including on targeted tax incentives

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…

OECD proposals for mandatory disclosure of aggressive tax positions: Treasury issues paper to consult on how this should be implemented given the existing Australian laws

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…

Industry Research and Development Amendment (Innovation and Science Australia) Bill 2016 introduced to make consequential amendments (and lapsed on Parliament being dissolved)

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.…

Managed Investment Trust Bills – package of 4 Bills passed into law

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.…

GST – Tax and Superannuation Laws Amendment (2016 Measures No 1) Bill 2016 – now Act No. 52 of 2016 with amendments to the ‘cross-border’ provision to allow ‘resident agents’ to continue being liable for ‘non-residents’ GST

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…