On Wed 16.8.17, the Commissioner issued the following Class Ruling: CR 2017/54 – scrip-for-scrip roll over: acquisition of Heemskirk Consolidated Limited by Northern Silica Corporation. It provides that participating shareholders who made a capital gain from disposing of their shares in accordance with the scheme can choose scrip-for-scrip roll-over. However, scrip-for-scrip roll over cannot be…
On Wed 16.8.2017, the Commissioner issued the following Class Ruling. CR 2017/53 – Batlow Fruit Company Pty Ltd: converted to a company registered under the Corporations Act 2001. It provides that members of Batlow Fruit Company Pty Ltd can choose the conversion roll-over under s124-520 of the ITAA 1997 (which is about a change of incorporation…
On Wed 16.8.2017, the ATO released Draft PAYG Withholding Variation: Certain superannuation beneficiaries who have not quoted a tax file number (Draft OPS 2017/D5) and on Wed 27.9.2017, the Commissioner registered the final determination on the Federal Legislation Register as F2017L01280. It provides that the amount to withhold is varied to nil for that portion of…
On Wed 16.8.17, the text, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (signed by Australia in Paris on 7 June 2017) was tabled in both Houses of Federal Parliament, together with an assessment of Australia’s national interest in signing this Convention, together with the position it has taken in ‘reserving’…
On Wed 16.8.2017, the ATO released Draft Reporting of event based transfer balance account information in accordance with the Taxation Administration Act 1953 – Draft SPR 2017/D2 (SPR = Superannuation Provider Reporting). It sets out the way in which superannuation providers in relation to superannuation plans, and life insurance companies in respect of certain life insurance…
The Treasury Laws Amendment (2017 Measures No 4) Bill 2017 passed the House of Representatives on Wed 16.8.2017, without amendment and similarly passed the Senate on Thursday 17.8.2017. It gained Royal Assent on 23 Aug 2017 as Federal Act No. 94 of 2017. The Bill contains the following amendments: Income tax relief for transfers within a fund…
Michael Andrew AO Chair Black Economy Taskforce 14 August, 2017 Dear Sir Black Economy Taskforce: call for submissions Thank you for the opportunity to comment upon the above matter. The below comments are mine and mine alone, and do not reflect the views of my employer or the various bodies that I serve. I am ready…
On 11 July 2017, the OECD released the draft contents of the 2017 Update to the OECD Model Tax Convention. Interested parties were invited to provide comments with respect to the following parts of the 2017 Update to the OECD Model Tax Convention that had not previously been released for comments: Changes to paragraph 13 of the…
Treasury received 8 submissions in relation to its December 2016 Consultation Paper on Australia’s adoption of the OECD BEPS Multilateral Instrument. The submissions, which have now been released by Treasury, were made by: Australian Private Equity & Venture Capital Association Limited Chartered Accountants Australia and New Zealand Corporate Tax Association Ernst & Young Insurance Council of Australia…
Labor Bill proposes lowering the turnover threshold, from $200,000 to $100,000 for public reporting of private company tax information (like public companies have their tax information reported by the Commissioner). On Monday 14.8.17, Senator Gallagher (ALP ACT, Manager of Opposition business in the Senate) introduced the Taxation Administration Amendment (Corporate Tax Entity Information) Bill 2017…
