Super reforms: capped defined benefit income streams to be expanded – draft regs released

Tax Month - April 2017

The Government, on Thur 13.4.2017, released exposure draft regulations proposing to expand the definition of “capped defined benefit income stream” to cover additional defined benefit pensions that permit commutation, or would otherwise fall outside the general scope of the provisions. For example, lifetime pensions commuted outside of 6 months from commencement, reversionary child pensions, reversionary pensions commuted…

Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 – exposure draft Super reforms: TRIS rules; CGT relief; pension cap etc.

Tax Month - April 2017

The Government, on Wed 12.4.2017, released exposure draft legislation proposing technical amendments to resolve certain issues identified with the superannuation reform legislation. The proposed amendments relate to the transition to retirement income stream (TRIS) rules, CGT relief for TRISs, the $1.6m pension transfer balance cap, the concessional contributions cap and the objectives of superannuation. While the…

Country-by-Country reporting: ATO releases further detail on the ‘local file / master file’ detail and design

Tax Month - April 2017

This guidance builds on the local file – high level design by providing an overview of the detailed design of the local file / master file. It reflects underlying IT specifications (contained in the XML schema) for software developers to use in business management software to enable generation of a valid XML file. We have developed…

Country-by-Country reporting: ATO releases further detail on the ‘local file / master file’ detail and design

Tax Month - April 2017

This guidance builds on the local file – high level design by providing an overview of the detailed design of the local file / master file. It reflects underlying IT specifications (contained in the XML schema) for software developers to use in business management software to enable generation of a valid XML file. We have developed…

Country-by-Country reporting: ATO releases further detail on the ‘local file / master file’ detail and design

Tax Month - April 2017

This guidance builds on the local file – high level design by providing an overview of the detailed design of the local file / master file. It reflects underlying IT specifications (contained in the XML schema) for software developers to use in business management software to enable generation of a valid XML file. We have developed…