Enterprise Incentives (No 1) Bill 2017 – Senate amendment to remove self assessed depreciation for in-house software and IP assets

Key News Summary:   On 5.12.18, the Senate passed the Treasury Laws Amendment (2017 Enterprise Incentives No 1) Bill 2017  with a Government amendment that would remove the schedule, under which taxpayers would have been able, to to self-assess the ‘effective life’, of in-house software and various intellectual property assets, held from 1 July 2016. This…

LCR 2018/D8 – Reporting to ATO – extended to new types of sub-contractor payments

Key News Summary:  The ATO issued LCR 2018/D8 to explain and support the amendments requiring ABN holders to now report payments made, on or after 1 July 2019, to sub-contractors for: road freight services; security, investigation or surveillance services; and information technology (IT) services, provided on their behalf.   This draft Ruling describes how the…

PCG 2018/D3 finalised as PCG 2018/9 on ‘central management and control’ – extending the ‘no ATO audit’ period to 30 June 2019

Key News Summary: PCG 2018/D3 as been finalised as PCG 2018/9 extending the ‘non-audit’ period to 30 June 2019. This PCG gives practical guidance on the ‘central management and control’ (CM&C) issue for company tax ‘residency’ purposes.   On Wednesday 5 December 2018, the ATO finalised PCG 2018/D3 – merely extending the ‘non-audit’ period from 13 December 2018 to 30 June 2019 (in…