Weekly Tax Highlights

Highlights to 2 August 2019

ATO Documents


Class Ruling
CR 2019/45 Spicers Limited - return of capital

Other news


Release of ATO corporate plan 2019-20

On 31 July, the ATO released its 2019-20 corporate plan on its website which covers the period 2019–20 to 2022–23. The Commissioner has noted that this year the ATO will deliver some major projects in its 2024 road map including the final stages of Single Touch Payroll, the renewed government commitment to taskforces, such as black economy and corporate tax avoidance, and ABN reforms.

Progress of legislation


As at 02.08.19

Bill

Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019

Description  

Prevent small business CGT concessions from being available for partner assignments; extend anti-avoidance rule for closely held trusts to include family trusts that undertake circular trust distributions; deny deductions relating to holding vacant land; ATO disclosure of business tax debts to credit reporting bureaus; prevent salary sacrifice from reducing SG contributions; electronic invoicing implementation; TOFA amendments

Status

Introduced into the Senate 01.08.19.

Bill

Treasury Laws Amendment (2018 Superannuation Measures No 1) Bill 2019

Description

Reintroduces lapsed Bill containing superannuation measures.  Measure to provide one-off amnesty for employers not meeting their superannuation obligations included in lapsed Bill have not been included.

Status

Introduced into the House of Reps 24.07.19.

Bill

Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019

Description

Reintroduces lapsed Bill to prohibit creditor-defeating dispositions of company property; improve accountability of resigning directors; allow Commissioner to collect estimates of anticipated GST liabilities; make company directors personally liable for GST; authorise Commissioner to retain tax refunds.

Status

Introduced into the House of Reps 04.07.19.

Bill

Treasury Laws Amendment (Making Sure Multinationals Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2019

Description

Reintroduces measures in lapsed Bill to amend thin capitalisation asset valuation rules, change GST Act for online hotel bookings; remove luxury car tax for re-imported cars refurbished overseas. Measures to broaden SGE definition and better target the R&D Tax Incentive included in lapsed Bill have not been included.

Status

Introduced into the Senate 31.07.19.

Bill

Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

Description

Reintroduces measures in lapsed Bill to establish the foundation for the Government's new Fintech framework. Makes a number of technical amendments to the Early Stage Venture Capital Limited Partnership, Venture Capital Limited Partnership and Tax Incentives for Early Stage Investor regimes.

Status

 Introduced in the House of Reps 04.07.19.

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