Weekly Tax Highlights

Highlights to 6 September 2019


ATO Documents


Class Rulings
CR 2019/50 Helpten Pro Vehicle Telematics Solution - use for fringe benefits tax car logbook and odometer records
CR 2019/51 DuluxGroup Limited - Scheme of Arrangement and payment of interim and special dividends

Product Ruling
PR 2019/5 Income tax: taxation consequences of investing in the Westpac Protected Equity Loan

GST Ruling
GSTR 2019/D2 Goods and services tax: supply of anything other than goods or real property connected with the indirect tax zone (Australia)

GST- Withdrawal
GSTR 2000/31W Goods and services tax: supplies connected with Australia

Taxation Ruling - Erratum
TR 2019/1 Income tax: when does a company carry on a business?

Practical Compliance Guideline
PCG 2019/D4 Expansion of estimates regime to GST, LCT and WET

Tax Cases


Glencore Investment Pty Ltd v FCT [2019] FCA 1432

The Federal Court has held that the price paid by a Swiss parent company to its Australian subsidiary did not breach the transfer pricing rules in relation to the sale and purchase of copper concentrate in the 2007 to 2009 years.

Progress of legislation


As at 06.09.19

Parliament resumed on 9 September 2019.

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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