From the ATO website:

  • Instant asset write-off and simplified depreciation – Administrative treatment – The ATO has noted the Government’s intention to repeal the provision allowing small businesses an accelerated initial deduction for motor vehicles. The ATO says taxpayers, including those who use early balancing substituted accounting periods, who lodge a tax return for the 2013-14 income year can self-assess under the existing law. Once the law is enacted, the taxpayer who self-assessed in that way will need to seek an amendment to apply the new law. No shortfall penalty will apply and if they seek to amend their return within a reasonable time, the ATO says it will also remit the shortfall interest charge (SIC) to nil. If an amendment is not sought within a reasonable time, SIC will be charged from the date the change becomes law. [Note that the Government intends to repeal the provision allowing accelerated initial deduction for motor vehicles in conjunction with the repeal of the mining tax.]
  • Legislation to repeal the minerals resource rent tax law – Administrative treatment – The ATO has noted that it previously announced administrative treatment concerning the Government’s decision to repeal the mining tax has not been changed. The ATO says it has allowed low volume, non-paying entities until:
  1. oDecember 2014 to lodge their 2012-13 MRRT returns and starting base returns;
  2. othe later ofDecember 2014 and the first day of the 6th month after their 2013-14 MRRT year to lodge their 2013-14 MRRT returns.

[LTN 115, 18/6/14]