Yearly Archives: 2017

Class Rulings 2017/47-51 – Retirement Schemes of Illawarra Coal and EnergyAustralia Yallourn and various rollovers in the merger of Touchcorp and Afterplay

On  Wed 2.8.2017, the ATO issued 5 Class Rulings: CR 2017/47 – South32 Illawarra Coal Holdings Pty Ltd Retirement Scheme 2017. The ATO accepts that the scheme is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. The ruling applies from 2 August 2017 to 30 April 2018; CR 2017/48 – CGT roll-over: exchange of…

Joint toolkit designed to help developing countries tackle the complexities of taxing offshore indirect transfers of assets – IMF, OECD, UN & World Bank seeking feedback on draft ‘toolkit’

01/08/2017 – The Platform for Collaboration on Tax – the OECD announced a joint initiative of the IMF, OECD, UN and World Bank Group to issue a draft toolkit designed to help developing countries tackle the complexities of taxing offshore indirect transfers of assets, a practice by which some multinational corporations try to minimise their…

Transfer of life insurance business of National Mutual to AMP – ATO guidance on tax implications

The ATO has released guidance for taxpayers who held a life insurance policy with The National Mutual Life Association of Australasia Limited (NMLA) and it was transferred to AMP Life Limited (AMPL) on 1 January 2017 under a Federal Court approved transfer. The ATO says taxpayers do not need to include any amount in my tax return…

Diverted Profits Tax – ATO flags development of a LCG to clarify new concepts; a PSLA on processes leading up to a DPT assessment; safeguards built into the procedure to issue a DPT assessment

The ‘Diverted Profits Tax’ (DPT) legislation received Royal Assent on 4 April 2017, with Schedule 1 to the Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 implementing the DPT and the Diverted Profits Tax Act 2017 setting the 40% tax on profits. The DPT law applies to DPT tax benefits arising in an income year…

GST – Collection Models for GST on Low Value Imported Goods – Discussion Paper issued by the Productivity Commission reference on this subject, required as a condition of the deferred operation of the new law for vendor (etc.) collection of the GST

The Productivity Commission has released a Discussion Paper on Collection Models for GST on Low Value Imported Goods – to assist with its inquiry on this subject – commissioned by the Treasurer on 30 June 2017. The Commission is to report by 31 October 2017 and it has requested submissions from the public by 30…