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 developed for this measure”.
- Strengthening transfer pricing rules – The ATO notes that “legislation is currently being developed for this measure”.
Small business
- Increase the small business entity turnover threshold – The ATO notes this proposed “change is not yet law and is subject to the normal parliamentary process”.
- Increase the unincorporated small business tax discount – The ATO notes this proposed “change is not yet law and is subject to the normal parliamentary process”.
Broader business taxation
- Reducing the corporate tax rate – The ATO notes that the proposed “change is not yet law and is subject to the normal parliamentary process”.
- Consolidation – securitised assets – The ATO notes that the proposed “change is not yet law and is subject to the normal parliamentary process”.
- New arrangements for venture capital investment – The ATO notes the Government is seeking feedback on how to ensure investors in FinTech startup activities can be eligible for the venture capital tax concessions – see para [10] of this LTN.
Superannuation
- Introduce a $1.6 million superannuation transfer balance cap – The ATO notes this proposed “change is not yet law and is subject to the normal parliamentary process”.
- Introduce a lifetime cap on non-concessional superannuation contributions – The ATO notes this proposed “change is not yet law and is subject to the normal parliamentary process”.
- Allowing catch-up concessional superannuation contributions – The ATO notes that “legislation is currently being developed for this measure”.
- Harmonising contribution rules for those aged 65 to 74 – The ATO notes that “legislation is currently being developed for this measure”.
- Enhancing choice in retirement income products – The ATO notes that “legislation is currently being developed for this measure”.
- Improve superannuation balances of low income spouses – The ATO notes that “legislation is currently being developed for this measure”.
- Introducing a Low Income Superannuation Tax Offset (LISTO) – The ATO notes this proposed “change is not yet law and is subject to the normal parliamentary process”.
GST
- GST on low value imported goods – The ATO notes this proposed “change will require the unanimous agreement of the States and Territories prior to the enactment of legislation”.