| A more workable approach for fixed trusts |
| On 21 November 2011 the government announced it would consult on options to provide a more workable approach for fixed trusts. |
| Accelerated initial deduction for motor vehicles |
| Small businesses can claim up to $5,000 as an immediate deduction for motor vehicles, with effect for vehicles acquired from 1 July 2012. |
| Administrative penalties for SMSF trustees |
| This proposed measure will introduce new administrative penalties for contraventions of superannuation legislation by trustees and directors of corporate trustees of self-managed superannuation funds. |
| Amend the 'in Australia' requirements in the Income Tax Assessment Act 1997 |
| This measure will reverse the decision that charities and other income tax exempt entities can direct funds to overseas projects outside the current restrictions. It will reinstate the principles underlying the current integrity rules. |
| Amending the 'limited recourse debt' definition |
| 'Limited recourse debt' includes arrangements where the creditor's right to recover the debt is effectively limited to the financed asset or security provided. |
| Amendments to revenue asset and trading stock roll-overs |
| The government announced it will broaden the revenue asset and trading stock roll-overs that apply to the exchange of interests in a company or unit trust for shares in another company. |
| Amendments to scrip for scrip roll-over, the small business concessions and beneficial interests |
| The government announced in the 2011-12 Budget that it will ensure the scrip for scrip roll-over integrity provisions that apply to individuals and companies also apply to trusts, superannuation funds and life insurance companies. |
| Amendments to the operation of the Taxation of Financial Arrangement (TOFA) rules for consolidated groups |
| The government has announced to the income tax law affecting consolidation, the government will also make changes to the operation of the taxation of financial arrangements (TOFA) rules for consolidated groups. |
| Amendments to the petroleum resource rent tax 2013 |
| This measure will introduce amendments to the petroleum resource rent tax following the Full Federal Court's decision in Esso Australia Resources Pty Ltd v Commissioner of Taxation. |
| Australia and Chile new tax convention |
| Information about the tax convention between Australia and Chile, signed on 10 September 2010. |
| Australia and India new tax treaty |
| On 16 December 2011, Australia and India signed a new tax protocol. The protocol will amend existing agreement which has not been revised since 1991. |
| Australia-Guernsey tax information exchange agreement |
| Legislation for a new TIEA and accompanying ATR agreement between Australia and Guernsey was enacted on 27 June 2011. |
| Australia-Marshall Islands tax information exchange agreement |
| A new tax information exchange agreement (TIEA) and accompanying ATR agreement between Australia and the Marshall Islands was signed by representatives of both countries on 12 May 2010. |
| Australian Charities and Not-for-profits Commission - establishment |
| In the 2011-12 Federal Budget, the government announced it will provide $53.6 million over four years for the establishment of a new independent statutory agency, the Australian Charities and Not-for-profits Commission (ACNC). |
| Australian screen production incentive - producer offset |
| This measure will amend the law to define 'documentary' and related terms to clarify the intended application of the producer tax offset incentive. |
| Automatic consolidation of low-balance accounts |
| We will help super funds to consolidate member accounts with low balances by providing them with details of these accounts. |
| A-Z index |
| A-Z keyword index search for new legislation. |
| Bad debts: Ensuring a consistent treatment in related financing arrangements |
| Government announcement in the 2012-13 budget to ensure consistent treatment in related financing arrangements. |
| Better protection for lost superannuation |
| The government has introduced reforms to preserve the value of lost member accounts in the superannuation system. |
| Better start for children with disability initiative |
| As part of the Federal Budget 2011-12, the government announced it will provide $12,000 towards early intervention services for children with a specified disability, capped at $6,000 per annum. |
| Better targeting of not-for-profit tax concessions |
| Proposed reforms to tax concessions for not-for-profit organisations aim at ensuring concessions target only activities directly furthering the purposes of those organisations. |
| Capital gains tax - demerger relief for certain demerger groups |
| Amendments to the capital gains tax demerger provisions. |
| Capital gains tax - exemption for incentives related to renewable resources |
| As part of the 2011-2012 Federal Budget, the government announced it will exempt from capital gains tax (CGT) any gains or losses arising from a right to a financial incentive, granted to taxpayers under an Australian Government (Commonwealth, State or Territory) scheme. |
| Capital gains tax - limiting the trading stock exception for superannuation funds |
| The government in the 2011-12 Budget has proposed to remove the trading stock exception to the capital gains tax provisions (CGT) in relation to the taxation of specified assets of complying superannuation entities, with effect from 7.30pm (AEST) 10 May 2011. |
| Capital gains tax - share sale facility interactions with CGT roll-overs |
| Amendments to allow Australian resident interest holders access to a broader range of capital gains tax roll-overs. |
| Capital gains tax and loss relief to facilitate superannuation reforms |
| This measure will amend legislation to ensure that income tax considerations do not prevent mergers of superannuation funds or transfers of their existing default members' balances and relevant assets in the transition to Stronger Super and MySuper. |
| Capital gains tax roll-over for amalgamations of indigenous corporations |
| Provides information to taxpayers about extending capital gains tax rollovers to indigenous organisation that amalgamate. |
| Capping of the rebatable amount of health insurance policy |
| The government's rebate applied to private health insurance will be calculated using commercial premiums as at 1 April 2013 and then indexed annually by the lesser of CPI or the actual increase in commercial premiums. |
| Changes to taxation of special disability trusts |
| This measure is intended to extend the application of the capital gains tax provisions for special disability trusts. It also refers to changes in the law for the taxation of unexpended income of a special disability trust. |
| Changes to the tax law to counter phoenix activities |
| The legislation amends the taxation laws to better protect workers' entitlements to superannuation and strengthen director obligations. |
| Clarification of liability provisions for consolidated groups |
| This proposed measure concerns provisions relating to the attribution and collection of liabilities for consolidated groups. |
| Clarification of the tax treatment of native title payments |
| The government announced it will amend the tax legislation to make it clear that native title payments and other benefits are not subject to income tax. |
| Clarifying the operation of the income tax general anti-avoidance rule (Part IVA) |
| The government has introduced amendments to the general anti-avoidance provision Part IVA of the Income Tax Assessment Act. |
| Clean building managed investment trusts |
| On 27 June 2012, the government has amended the tax law to support investment in the construction of new energy efficient commercial buildings. |
| Clean Energy Finance Corporation income tax exemption |
| A new measure announced as part of the 2012-13 budget exempts the Clean Energy Finance Corporation from income tax. |
| Clean energy future - coverage of non-transport gaseous fuels |
| Amendments to cover non-transport gaseous fuels under the carbon pricing mechanism. |
| Commissioner's discretion for primary production concessions |
| This measure provides the Commissioner of Taxation with the discretion to disregard certain disentitling events that would otherwise trigger the assessment of certain income for a primary production trust. |
| Compliance amendments to the taxation of gaseous fuels |
| The proposed amendments will provide for the better integration of liquefied petroleum gas, liquefied natural gas, and compressed natural gas within the fuel tax system while establishing the elements of a compliance regime to accommodate modifications made by the taxation of alternative fuels. |
| Concessional cap indexation paused for 2013-14 |
| The government has paused the indexation of the superannuation general concessional contributions cap for one year in 2013-14. |
| Concessional tax treatment for overseas programs |
| The government has announced changes to the overseas forces, overseas civilian and official development assistance programs that will apply from 1 July 2012. |
| Consequential amendment to the taxation of aviation and gaseous fuels |
| Amendments to the excise treatment of certain blends of aviation fuels and certain blends of gaseous fuels. |
| Consolidating multiple accounts within the same fund for individuals |
| From 1 July 2013, funds will be required to establish procedures for consolidating multiple superannuation accounts they hold for the same member on an annual basis, when it is in the member's best interests. |
| Consolidation of dependency tax offsets |
| The government announced in the 2012-13 Budget the consolidation of eight dependency tax offsets into a single, streamlined and non-refundable tax offset. |
| Consolidation: Changes to the residual tax cost setting and rights to future income rules |
| The government has amended the income tax law affecting consolidated groups as part of its commitment to maintaining the integrity, equity and fairness of the tax system. |
| Consultation on governance arrangements for the not-for-profit sector |
| In the 2011-12 Budget, the government announced a package of not-for-profit (NFP) reforms, including a review of current governance arrangements faced by the NFP sector. |
| Dad and partner pay |
| Dad and partner pay is available to eligible fathers and partners providing care for children born or adopted on or after 1 January 2013. |
| Data and payment standards |
| This measure provides for the proposed legislation changes for superannuation data and payment standards. |
| Debt/equity measures: Upper Tier 2 regulations and extension of transitional period |
| The Government will extend the debt/equity transitional arrangements to 1 July 2008 to ensure that the income tax law preceding the debt/equity tax rules continues to apply to Upper Tier 2 instruments. This measure has an ongoing unquantifiable revenue impact. |
| Debt/equity rules to restrict the application of an integrity provision |
| In the 2011-12 Budget the Government announced that it will amend the debt/equity rules to restrict the application of an integrity provision, contained in Division 974 of the Income Tax Assessment Act 1997. |
| Deferred settlement of excise and customs duty |
| Under this measure small businesses would be able to defer their settlement of excise and excise equivalent customs duties to a monthly reporting cycle. |
| Disallow deductions against government payments |
| The measure will deny deductions against government assistance payments and may impact recipients of these payments. |
| Education for self-managed super fund trustees |
| This proposed amendment will enable the Commissioner to direct self-managed super fund trustees to undertake a course of education when a contravention of the superannuation legislation has occurred. |
| Employer contributions without TFN |
| Super funds will be required to forward employer contributions to us when a tax file number (TFN) is not attached to the account within a specified time. |
| Employment termination payments tax offset |
| This measure will amend legislation so that access to the employment termination payment (ETP) tax offset and the amount of offset received takes into account an individual's taxable ETP as well as any other taxable income in the year they receive the ETP. |
| Entrepreneurs tax offset abolished |
| The entrepreneurs tax offset is not available after the 2011-12 income year. |
| Expanded super reporting |
| Outlines the revised reporting obligations of super providers to provide statements to us for all members who held an interest in the super plan at any time during a reporting period - not just those for whom contributions were received. |
| Extending access to the GST instalment system |
| The government intends to change the GST instalment system to allow continued access for small businesses that move into a GST net refund position. |
| Extending the capital gains tax exemption for certain compensation payments and insurance policies |
| The government announced it will broaden the exemptions for certain compensation payments and insurance policies. |
| Extending the FBT exemption for fly-in/fly-out arrangements |
| Legislation has been enacted that extends an exemption from fringe benefits tax (FBT) for travel between home and work for fly-in/fly-out employees working overseas and their employers. |
| Extension of managed investment trust streaming election |
| The government intends to give managed investment trusts (MITs) a further two income years to choose to apply trust streaming rules. |
| Extension of the capital gains tax roll-over for conversion of a body to an incorporation |
| As part of the 2010-2011 Federal Budget, the government announced an extension of the capital gains tax roll-over to include incorporated bodies converting to other Acts without immediate capital gains tax consequences. |
| Farm management deposits - early access for primary producers |
| In the 2011-12 Budget the Australian Government announced it will allow primary producers affected by natural disasters access to their farm management deposits within 12 months of making those deposits, without the loss of any tax concessions. |
| FBT living-away-from-home allowance reform |
| On 29 November 2011, the government announced reforms to the living-away-from-home allowances and benefits. The government announced further extensions to these reforms in the 2012-13 Budget. |
| Film tax offsets - changes to eligibility requirements |
| The government in the Budget 2010-11 announced changes to eligibility requirements for film tax offsets. |
| Foreign Account Tax Compliance Act |
| On 7 November 2012, the Treasurer announced that Australia had commenced formal discussions for an intergovernmental agreement with the United States to minimise the impact for Australians of the United States' Foreign Account Tax Compliance Act in Australia. |
| Foreign Accumulation Fund rule |
| The Foreign Accumulation Fund (FAF) integrity rule is a specifically targeted narrowly defined anti-avoidance provision for portfolio investments of Australian residents in foreign accumulation or roll-up funds. |
| Functional currency rules - extending the range of entities that can use a functional currency |
| The Government has proposed in the Budget 2011-12, to allow certain trusts and partnerships that keep their accounts solely or predominantly in a particular foreign currency, to calculate their net income by reference to that currency. |
| Fund notification |
| Outlines the proposed law change that will require superannuation funds to inform members of the contributions received or not received. |
| Geothermal energy exploration expenditure |
| The government announced it will amend the tax law to extend the definition of exploration to include geothermal exploration. |
| Goods and services tax treatment of new residential premises |
| The government has amended the goods and services tax law to ensure that sales by developers of residential premises constructed under certain arrangements, sometimes called development lease arrangements, will be taxable supplies of new residential premises. |
| Greater certainty in relation to fund mergers |
| The government will implement reforms to ensure that superannuation fund members are not disadvantaged by actions in response to the Stronger Super package of superannuation reforms. |
| GST cross-border transactions |
| As part of the Board of Taxation review, the application of GST to cross-border transactions is being considered, particularly the extent of non-resident participation. |
| GST financial supply provisions |
| This measure covers goods and services tax (GST) financial supply provisions from the Board of Taxation review of the GST administration. |
| GST groups and GST joint ventures - further amendments |
| Further amendments to the GST Act to ensure the appropriate GST outcome is achieved in relation to GST groups and joint ventures. |
| GST supplies by representatives who are creditors |
| Amendment of GST law in relation to the mortgage lending sector to clarify its operation and reduce compliance costs. |
| GST treatment of appropriations |
| This measure restores the policy intent that the non-commercial activities of government related entities not be subject to GST. |
| Illegal early access to superannuation |
| This proposed measure will introduce new penalties for promoters of schemes that facilitate the illegal release of superannuation. These new penalties will enable the ATO to prosecute scheme promoters. |
| Improvements to the company loss recoupment rules |
| In the 2011-12 Budget the government announced improvements to the operation of the company loss recoupment rules by making it easier for companies to satisfy the continuity of ownership test in certain circumstances, with effect from the 2011-12 income year. |
| Improving access to company losses |
| In the 2012- 13 Federal Budget, the government announced its intention to provide tax relief for companies by allowing them to carry-back tax losses so they receive a refund against tax previously paid. |
| Income tax exemption for Clean Energy payments |
| Clean Energy payments will be exempt from income tax when made to recipients under the ABSTUDY scheme, Veterans' Children Education Scheme, Military Rehabilitation and Compensation Act Education and Training Scheme, the transitional farm family payment and exceptional circumstances relief payment. |
| Income tax relief for water reforms |
| In the 2011-12 Federal Budget, the Australian Government announced income tax relief for water supply entities and their members, where state and territory government water reforms give rise to capital gains tax and balancing adjustment events. |
| Increase in managed investment trust final withholding tax rate |
| The government announced in the 2012-13 Budget that it will increase the managed investment trust final withholding tax rate from 7.5% to 15%. |
| Increasing the concessional contributions cap |
| Deferral of the 2011-12 Budget measure for higher concessional contributions cap for individuals with a total super balance below $500,000 for two years. |
| Infrastructure - enhanced loss utilisations for designated projects |
| The government in the 2011-12 Budget announced that it will introduce a new tax incentive designed to remove impediments in the tax system that discourage private investment in infrastructure projects. |
| Interest withholding tax - phasing down interest withholding tax on financial institutions |
| In the 2010-11 Budget, the government announced the phase down of the interest withholding tax (IWT) rate incurred by financial institutions on most interest paid on offshore borrowings. |
| Introducing a statutory definition of 'charity' |
| In the 2011-12 Federal Budget, the government announced that it will consult on and introduce a statutory definition of 'charity' for all Commonwealth laws to take effect from 1 July 2013. |
| Investment manager regime |
| The government will introduce amendments to the income tax laws to prevent the ATO from raising assessments for certain investment income of foreign managed funds for the 2010-11 income year, where the fund has never lodged an Australian tax return. |
| Limit use of self-managed super fund trust deed clauses |
| This measure will ensure the integrity of the annual superannuation contribution caps by ensuring that certain trust deed clauses cannot be used to avoid what would otherwise be excess contributions. |
| Lodgment and payment obligations, general interest charge and penalties |
| What we consider when working out the most appropriate administrative approach to take for taxpayers in situations when government policy measures have been announced but not yet enacted. |
| Look-through treatment for earnout arrangements |
| The government will introduce law to apply 'look-through capital gains tax (CGT) treatment for qualifying earnout arrangements in the sale of business assets'. |
| Loss recoupment rules for companies |
| In the 2007-08 Budget, the government announced it will make changes to the loss recoupment rules for companies. |
| Low income superannuation contribution |
| In the 2010-11 Federal Budget, the government announced it will provide a new government super contribution from the 2012-13 income year. |
| Luxury car tax - tax-free importation of cars by public museums |
| In the 2011-12 Budget the Australian Government announced it will amend the luxury car tax legislation to allow eligible entities, such as endorsed public museums and art galleries, to import cars free from the luxury car tax. |
| Mature age worker tax offset |
| This measure will introduce a date of birth eligibility criteria for the mature age worker tax offset. |
| Miscellaneous amendments to taxation laws 2011 |
| Outlines the miscellaneous amendments designed to ensure the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. |
| Miscellaneous amendments to the taxation laws 2012 |
| The miscellaneous amendments seek to ensure that the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. |
| Miscellaneous amendments to the taxation laws 2013 |
| The miscellaneous amendments seek to ensure that the law operates as intended by correcting technical or drafting defects, removing anomalies and addressing unintended outcomes. |
| Miscellaneous amendments to the taxation laws relating to minerals resource rent tax |
| This measure contains proposed miscellaneous amendments to the taxation laws including amendments to the proposed minerals resource rent tax (MRRT) legislation. |
| Net medical expenses tax offset income test |
| This measure will introduce the income testing of the net medical expenses tax offset. |
| New online form to find lost super |
| A new electronic form will make it easier to consolidate lost super accounts. |
| New taxation system for managed investment trusts |
| On 7 May 2010, the government announced a new tax system for managed investment trusts (MITs) that will reduce complexity, increase certainty and minimise compliance costs for MITs and their investors. |
| No capital gains tax for properties in natural disaster land swap programs |
| The government announced any property owners with investment properties involved in the Lockyer Valley Regional Council's land swap program will be eligible for capital gains tax relief. |
| No rebate for lifetime health cover loading |
| From 1 July 2013, the private health insurance rebate will no longer be paid on any lifetime health cover loading applied to the cost of a private health insurance policy for lifetime health cover. |
| Off-market transfers between SMSFs and related parties |
| To enhance transparency and strengthen the integrity of the self-managed super funds (SMSF) system it is proposed to require SMSFs, that dispose or acquire assets from a related party, to conduct the transfer through an underlying market. |
| Online electronic service to access information about super |
| Changes to the law, mean that super funds, after obtaining member consent, will be able to search for a member's reported account information, lost accounts and other super monies held by us to assist them to consolidate their accounts. |
| Outstanding recommendations for Goods and Services Tax |
| The following legislative measures form part of the Board of Taxation review of the legal framework for the administration of the goods and services tax (GST). |
| Pay as you go instalments |
| As part of the 2012-13 mid-year economic fiscal outlook announcements, the government has proposed changes to the pay as you go income tax instalment system. |
| Payment of refunds of overpaid GST |
| This measure will amend legislation with respect to refund claims for overpaid goods and services tax (GST). |
| Payslip reporting of superannuation contributions |
| This measure will amend legislation to require employers to report, on payslips, any information prescribed in the regulations about superannuation contributions. |
| Personal income tax rates for non-residents |
| The legislation ensures that the marginal tax rates for residents and non-resident taxpayers continue to align. |
| Phasing out of the dependent spouse tax offset |
| This measure will further phase out the dependent spouse tax offset to people with dependent spouses born before 1 July 1952. |
| Philanthropy - improving the regulatory framework for public ancillary funds |
| The government announced in the 2010-11 Federal Budget that it will support and improve public ancillary funds by introducing a new regulatory framework similar to that introduced on 1 October 2009 for private ancillary funds. |
| Private health insurance |
| In the 2009-10 Budget, the government announced that the private health insurance rebate will be income tested. The respective legislation introduced three new 'Private health incentive tiers' with effect from 1 July 2012. |
| Reduction in tax concession for high income earners |
| From 1 July 2012, individuals with income greater than $300,000 will have the tax concession on their contributions reduced from 30% to 15% (excluding the Medicare levy). |
| Refinements to the income tax law in relation to deceased estates |
| The government announced amendments to ensure the proper functioning of capital gains tax provisions for deceased estates. |
| Reform of Airline transport fringe benefits |
| The Government announced in the 2012-13 Budget that it would update the method of determining the taxable value of 'airline transport fringe benefits' from stand-by value to market value. This measure will apply to airline transport fringe benefits provided after 7.30pm (AEST) on 8 May 2012. |
| Reform of salary sacrificed 'in-house' fringe benefits |
| The government has announced reforms to remove the concessional fringe benefits tax treatment of in-house expense payment benefits, in-house property benefits and in-house residual benefits where the fringe benefits are accessed under salary sacrifice arrangements. |
| Reforms to conservation tillage offset |
| The government announced on 29 June 2012 that it will change the eligibility requirements for the conservation tillage refundable tax offset following feedback from primary producers. |
| Reforms to self-education expense deductions |
| The government has announced a proposal to change self-education expense deductions. It is proposed that from 1 July 2014, deductions for work-related self-education expenses will be capped at $2,000. |
| Reforms to the GST margin scheme |
| This measure clarifies the operation of the GST margin scheme through a technical amendment to the provision dealing with subdivided land. |
| Refund integrity - discretion to retain refunds |
| This measure amends the Taxation Administration Act (TAA) to allow the Commissioner the discretion to retain refunds for verification purposes. Certain threshold tests must be met before this discretion can be exercised. |
| Refund of excess concessional contributions |
| In the 2011-12 Federal Budget the government announced that, from 1 July 2011, individuals who breach the concessional contributions cap by $10,000 or less can request the excess contributions be withdrawn from their super fund and refunded to them. |
| Registration and minimum standards for SMSF auditors |
| This proposal requires approved SMSF auditors to be registered with the Australian Securities and Investments Commission (ASIC) and meet competency and independence standards as an ongoing condition of registration. |
| Removal of the capital gains tax discount for non-residents |
| The government will remove eligibility for the 50% discount on capital gains earned after 08 May 2012 by non-residents on taxable Australian propoerty,such as real estate and mining assets. |
| Repeal of certain unlimited amendment periods in the income tax laws |
| In the Budget 2009 the Government announced it would repeal redundant unlimited amendment periods in the income tax laws. |
| Research & Development tax incentive for small-to-medium enterprises |
| The government has announced its intention to introduce an annual Australian aggregated turnover threshold, so that very large businesses with turnover of $20 billion or more will no longer be eligible for the research and development (R&D) tax incentive. |
| Research and development tax incentive quarterly credits |
| From 1 January 2014, eligible companies with an aggregated turnover of less than $20 million may be able to access research and development quarterly credits. |
| Review of self assessment - amendment period for trustees |
| This document outlines the amendment period for trustees. |
| Review of transfer pricing rules - Australia's tax treaties |
| The government announced on 1 November 2011 it proposed to consult on reforms to the transfer pricing rules in the income tax law and Australia's tax treaties. It intends to bring them into line with international best practice, improving the integrity and efficiency of the tax system. |
| Review of transfer pricing rules - Modernising Division 13 |
| The government announced on 1 November 2011 it proposed to consult on reforms to the transfer pricing rules in the income tax law and Australia's tax treaties. It intends to bring them into line with international best practice, improving the integrity and efficiency of the tax system. |
| Rights issues: taxation treatment of call options |
| The Government has announced changes to the tax law to restore the taxation treatment of call options issued by companies to their shareholders that existed prior to McNeil's decision. |
| Roll-overs to an SMSF |
| This proposed change will capture roll-overs to an SMSF from 1 July 2013 as a designated service under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. |
| Seasonal Labour Mobility Program Workers Pilot Scheme |
| Non-resident workers who participate in the Seasonal Labour Mobility Program Workers Pilot Scheme (previously known as the Pacific Workers Seasonal Pilot Scheme) will be subject to a 15% final withholding tax rate. |
| Securities lending arrangements - addressing insolvency issues |
| In the 2011-12 Budget the government announced that it will amend the tax rules for securities lending arrangements to ensure that the lender under a securities lending arrangement is treated as not having disposed of the lent securities. |
| Self assessment for indirect taxes |
| This measure covers self-assessment for indirect taxes in relation to recommendations 19, 21 and 42 from the Board of Taxation review of the goods and services tax administration. |
| Small business cut to company tax rate |
| The government announced it would not be proceeding with the measures to lower the company tax rate. |
| Small business: instant asset write-off and simplified depreciation |
| This measure provides information to small business about changes to the instant asset write-off amount and simplified depreciation. |
| Standard deductions |
| The government announced it will no longer proceed with the measure which would have provided individual taxpayers with an optional standard deduction of $500 in lieu of claiming work-related expenses and the cost of managing their tax affairs. |
| Stronger shipping for a stronger economy |
| The tax reforms are intended to remove barriers to investment in Australian shipping, foster the global competitiveness of the industry and secure a stable maritime skills base. |
| Super co-contribution thresholds |
| The government has announced further reductions to the co-contributions scheme for personal contributions made from 1 July 2012. |
| Superannuation data and payment standards enabling services |
| This legislation supports the implementation of SuperStream. |
| Sustainable Rural Water Use and Infrastructure Program |
| The government is seeking amendments to the Income Assessment Act to address concerns under the Sustainable rural water use and infrastructure program. |
| Tax breaks for green buildings scheme |
| The government announced in the Budget 2012-13 that it will not proceed with the Tax Breaks for Green Buildings Program. |
| Tax certainty for deceased estates |
| An amendment to the law to allow the tax exemption for earnings on assets supporting superannuation pensions to continue following the death of a fund member in the pension phase until the deceased member's benefits have been paid out of the fund. |
| Tax discount of 50% for interest income |
| Provide information on proposed new legislation. |
| Tax exemption for ex-gratia payments for natural disasters |
| New measure introducing an income tax exemption for ex-gratia payments for natural disasters. |
| Tax file number notification |
| This measure will allow the ATO to give a person's tax file number to their super fund or retirement savings account if the person has quoted their tax file number to another super fund or retirement savings account. |
| Tax relief for investors in instalment warrants |
| This measure treats the beneficiary of an instalment warrant trust as the taxpayer for income tax purposes in relation to the underlying asset in the trust. |
| Tax treatment of interest paid on unclaimed super amounts |
| From 1 July 2013, interest will be paid on unclaimed super amounts reclaimed from the ATO. |
| Taxation of financial arrangements - amendments to tax hedging rules |
| The government will amend the taxation of financial arrangements (TOFA) tax hedging rules to ensure the rules operate as intended and to provide further certainty and reduce compliance costs for affected taxpayers. |
| Taxation of Financial Arrangements - minor amendments to ease the transition into Stages 3 and 4 |
| TOFA Stages 3 and 4 transitional election provisions to give the Commissioner of Taxation a discretion to allow taxpayers further time, under certain circumstances, for the notification of the transitional election to apply the Stage 3 and 4 rules to their existing financial arrangements. |
| Taxation of sovereign investments |
| Details of the announcement to formalise the existing tax practice of exempting certain income earned by foreign governments. |
| The ATO's approach to dealing with retrospective law changes |
| Outlines the treatment and tax payer liabilities in relation to retrospective law changes. |
| Third party procured GST-free health supplies |
| This measure amended the goods and services tax (GST) law to ensure that certain supplies made to health insurers in the course of settling health insurance claims are GST-free. |
| Three month extension of optional CGT loss rollover for complying super funds |
| On 3 May 2011, the government announced a three month extension to the optional capital gains tax loss rollover for complying super funds measure. |
| Trans-Tasman retirement savings portability |
| Under the scheme, Australians and New Zealanders will be able to transfer their superannuation benefits between certain Australian superannuation funds and New Zealand KiwiSaver schemes. |
| Trustees to rectify contraventions of superannuation legislation |
| This proposed measure will enable the ATO to direct SMSF trustees to rectify a contravention where a contravention remains unrectified. The aim is to return the SMSF to its position before the contravention happened, or to make sure it is complying with the law. |
| Wine equalisation tax - protecting the wine producer rebate |
| In the 2012-13 Federal Budget, the government announced it would amend the wine equalisation tax (WET) law to ensure that wine producers will not be able to claim multiple rebates for the same quantity of wine, beyond the total amount of WET payable. |