On 24 November 2017, The Australia Taxation Office (ATO) today announced it has extended the due date for filing country-by-country (CbC) statements until 15 February 2018. The due date for filing CbC statements for the first reporting year was established as 31 December 2017. The ATO on 23 November 2017 granted an extension of time…
On 24 November 2017, Treasury released an exposure draft of legislation to address hybrid mismatch arrangements. The exposure draft legislation seeks to implement the recommendations of the 2015 Organisation for Economic Co-operation and Development (OECD) report – Neutralising the Effects of Hybrid Mismatch Arrangements. Hybrid mismatches exploit differences in the tax treatment of an entity…
The US House of Representatives on 16 November 2017 approved H.R. 1, Tax Cuts and Jobs Act), containing a broad package of tax cuts affecting businesses, individuals and families. Reuters said this has moved Republicans and President Donald Trump an important step closer to the biggest tax code overhaul in a generation. The largely party-line 227-205 vote in…
The Customs (Singaporean Rules of Origin) Regulations 2017 (SRO Regulations) were registered on Fri 17.11.2017. They prescribe matters relating to the new rules that are required to be prescribed under new Division 1BA of the Customs Act 1901 concerning the Singapore-Australia Free Trade Agreement (SAFTA). The Customs Amendment (Singapore-Australia Free Trade Agreement Amendment Implementation) Act 2017…
The Treasury Laws Amendment (2017 Measures No 2) Regulations 2017 was registered on Fri 17.11.2017. It: amended reg 50-50.02 of the Income Tax Assessment Regulations 1997 to prescribe the MITRE Corporation (MITRE) as exempt from income tax and make a number of other minor technical amendments. The Government says this is to encourage MITRE to operate…
On Friday 17.11.2017, Shadow Treasurer: Andrew Leigh, spoke on “Halting the [tax] havens” in an address in Adelaide to Australian Petroleum Production & Exploration Association Biennial Taxation & Commercial Conference. It was a wide ranging speech traversing the recent ‘Paradise Papers’ leak and the previous ‘Panama Papers’ leak for the ‘peak’ they gave into multi-national tax planning…
The Addendum to LCG 2015/3 (Subdivision 815-E of the ITAA 1997: Country-by-Country reporting), released on 31 October 2017, among other things, deletes para 20. Paragraph 20 formerly stated: “20. We intend to exempt by legislative instrument exempt entities listed in Division 50 of the ITAA 1997 that are significant global entities from CbC reporting. That is, we…
Parliament recently legislated to apply GST to low value imported goods from July 2018, using a streamlined collection model that places the responsibility for assessing, collecting and remitting the tax on foreign suppliers. The Productivity Commission has now released a report designed to check that the legislated model is the best available collection model to extend GST…
The $1.6m transfer balance cap legislation, carries with it an obligation on trustees to submit a ‘Transfer Balance Account Report’ (TBAR) to the ATO about events that impact a member’s transfer balance accounts. This is under s390-5 of the TAA1 and the relevant determination made under that section. (See also Div 294 of the ITAA97 regarding ‘Transfer balance…
On 6 November 2017 Treasury published an Exposure Draft of legislation that will require purchasers of new residential premises and lots in new residential subdivisions to pay an amount equal 1/11th of the purchase price directly to the ATO at or before settlement. The legislation was announced in the 2017-18 Budget and views on the…