Propagation Arrangements Adopted by Registrable Superannuation Entities

The ATO has issued guidance on its compliance approach to the use of propagation arrangements used by registrable superannuation entities (RSEs) when selecting assets for disposal. It applies from 1 July 2018 and clarifies the ATO’s approach to these types of arrangements for the large superannuation industry. The Commissioner’s views on asset identification principles and […]

Tax Integrity and Other Measures Bill Introduced

A Bill to implement the OECD hybrid mismatch rules designed to strengthen the integrity of the tax system has been introduced into parliament. The Treasury Laws Amendment (Tax Integrity And Other Measures No 2) Bill 2018amends the ITAA 1997 to implement part of the OECD hybrid mismatch rules by preventing entities that are liable to income […]

Small business restructure roll-over determination now in force

  A legislative determination on small business restructure roll-over has ran out its disallowance period on 8 May 2018 and is now in force. The effect of the Taxation Administration (Remedial power — Small Business Restructure Roll-over) Determination 2017 is to ensure that where the depreciating assets are transferred under Subdiv 328-G of ITAA 1997 (small business restructure roll-over) the transfer […]

Lodgment of returns for 2017/18

A legislative instrument setting out the requirements to lodge income tax returns for the 2017/18 income year has been registered. The Notice of Requirement to Lodge a Return for the Year of Income Ended 30 June 2018 sets out lodgment of returns for the year of income ended 30 June 2018 consistent with ITAA 1936, ITAA 1997, […]

SMSF Taxation Regulations Remade

Regulations have been registered to remake and improve the Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999 and ensure their effect continues. The Superannuation (Self Managed Superannuation Funds) Taxation Regulations 1999 (the 1999 Regulations) prescribed the timing for when the self managed super fund supervisory levy was due and payable. The Superannuation (Self Managed Superannuation Funds) Taxation […]

Proposed financial institutions supervisory levies for 2018/19

Treasury has released for consultation a discussion paper, prepared in conjunction with the Australian Prudential Regulation Authority (APRA), seeking submissions on the proposed financial institutions supervisory levies that will apply for the 2018/19 financial year. The financial industry levies are set to recover the operational costs of APRA and other specific costs incurred by certain Commonwealth […]

Personal Income Tax Plan Bill Introduced

The Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018 has been introduced into parliament. Changes to tax offsets Schedule 1 of the Bill proposes to amend the tax law to: • introduce the low and middle income tax offset to reduce the tax payable by low and middle-income earners in the 2018/19, 2019/20, 2020/21 and 2021/22 […]