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  • Business

    • [201921] Extension of the Reportable Tax Position Schedule to large private companies and corporate groups [NEW]
    • [201920] Effective life review of assets [NEW]
    • [201917] Information request templates – GST refund verification [UPDATED]
    • [201908] Compensation payments to superannuation funds [UPDATED]
    • [201903] Trans-Tasman e-Invoicing initiative
    • [201806] Professional firms – Allocation of profit guidelines and Everett Assignment web material
    • [201615] Single Touch Payroll [UPDATED]

    [201921] Extension of the Reportable Tax Position Schedule to large private companies and corporate groups

    Registered: July 2019

    Expected completion: August 2019

    Status

    A consultation paper has been published to seek community feedback on expanding the requirement to lodge a Reportable Tax Position (RTP) Schedule to large private companies and corporate groups. We encourage you to raise any other relevant issues or specific concerns about matters discussed in the paper.

    Purpose

    To seek feedback and comments about the implementation of Reportable Tax Position Schedule for large private companies and large private corporate groups in the 2020 income year.

    Description

    Currently all large public and multinational companies are required to complete and lodge a Reportable Tax Position Schedule (RTP) disclosing their most contestable and material tax positions.

    The requirement to lodge a RTP Schedule will be extended to include large private companies and large private corporate groups in the 2020 income year.

    It is envisaged that the expansion of the RTP Scheduled to large private companies and corporate groups will provide a level playing field among large corporate groups by ensuring all large businesses have the same obligation to disclose their most contestable and material tax positions, irrespective of whether they are a public or private business.

    The extension of the RTP Schedule to large private companies and corporate groups will support the ATO's engagement with large market taxpayers and allow us to identify areas where we need to provide further clarification / certainty on the correct treatment of transactions and complex high risk tax arrangements.

    Who we are consulting

    Contact

    Michael Drogaris, Project Manager, Private Wealth

    Michael.Drogaris@ato.gov.au telephone (02) 9374 2323

    [201920] Effective life review of assets

    Registered: June 2019

    Expected completion: March 2020

    Status

    Consultation with appropriate industry participants will occur between June 2019 and March 2020. After consultation is completed draft asset lists and effective lives will be prepared and will be published here for public comment. They will also be sent to relevant participants and professional associations for comment.

    Draft determinations will be made progressively available from February to March 2020. To participate in the consultation and to influence the effective lives, or to provide comments on the draft determinations contact the relevant officers.

    Purpose

    To determine the effective life of assets used in the following industries:

    • child care services industry
    • aircraft industry
    • general practice medical services
    • funeral, crematorium and cemetery services
    • supermarket and grocery stores

    Description

    Under section 40-100 of the Income Tax Assessment Act 1997 the Commissioner may make determinations of the effective life of depreciating assets. The determinations will be used to update and expand the effective life schedule attached to Taxation Ruling TR 2019/5.

    The draft effective lives determinations will be referred to an independent review panel expected to be held in April 2020. The review panel checks the review process to confirm that the level of industry consultation was appropriate. If approved, the effective life determinations are expected to apply to assets purchased on or after 1 July 2020.

    Who we are consulting

    • profession associations
    • industry associations
    • businesses
    • suppliers
    • manufacturers and repairers of assets used in these industries

    Contacts

    Kim Dziedzic (General Practice medical services), Capital Allowances Team, Advice and Guidance, Public Groups and International

    kim.dziedzic@ato.gov.au telephone (07) 3213 5764

    Scott Harris (Funeral, crematorium and cemetery services), Capital Allowances Team, Advice and Guidance, Public Groups and International

    scott.harris@ato.gov.au telephone (07) 3213 5791External Link

    John Di Francesco (Aircraft industry), Capital Allowances Team, Advice and Guidance, Public Groups and International

    john.difrancesco@ato.gov.au telephone (07) 3213 6059External Link

    Susan Li (Child care services industry), Capital Allowances Team, Advice and Guidance, Public Groups and International

    susan.li@ato.gov.au telephone (07) 3119 9891External Link

    Shirley Liao (Supermarket and grocery stores), Capital Allowances Team, Advice and Guidance, Public Groups and International

    shirley.liao@ato.gov.au telephone (07) 3213 5264External Link

    [201917] Information request templates – GST refund verification

    Registered: May 2019

    Expected completion: July 2019

    Status

    Presentation of the New Business Profile Questions to the GST Stewardship Group took place on 30 May 2019. A request for feedback was sent to the GST Stewardship Group members on 6 June 2019 with responses due by 28 June 2019.

    Purpose

    To review information requests templates for pre-issue GST refund verification as recommended by the Inspector General of Taxation in the GST refundsExternal Link review report, March 2018.

    Description

    We are committed to ensuring information requests for GST refund verification are tailored according to the risk identified through our risk assessment tools and client profiling. We are reviewing our profile questionnaires seeking feedback from industry experts to ensure the proposed questions:

    • are appropriately focused
    • streamline the existing questionnaire
    • respond to issues raised regarding voluminous or irrelevant information requests
    • uses clear and appropriate language.

    Who we are consulting

    Contact

    Helen Konstantinidis, Client Engagement Manager, Small Business

    Helen.Konstantinidis@ato.gov.au telephone (03) 9275 2119

    [201903] Trans-Tasman e-Invoicing initiative

    Registered: February 2019

    Expected completion: December 2019

    Status

    Consultation has taken place on governance (January 2019) and security (to February 2019).

    We will continue to consult as needed on further matters relating to the implementation of the Pan European Public Procurement On-Line (PEPPOL) framework in the trans-Tasman environment.

    Purpose of consultation

    To seek stakeholder input on the establishment of an Australian PEPPOL authority and associated arrangements.

    Description

    The Australian and New Zealand Prime Ministers issued a joint announcementExternal Link on e-Invoicing on 22 February 2019 stating the two countries’ intention to adopt the Pan European Public Procurement On-Line (PEPPOL) interoperability framework as the basis for trans-Tasman e-Invoicing.

    We are seeking input from businesses, government agencies, intermediaries and digital service providers on the establishment of an Australian PEPPOL authority and associated arrangements.

    Matters may include, but are not limited to the governance, semantic and technical aspects of the framework.

    Who we are consulting

    A range of stakeholders, including but not limited to:

    Contact

    Bruce Rossel, e-Invoicing Project Team, Digital Delivery

    e-invoicing@ato.gov.au telephone (02) 6216 1787

    [201615] Single Touch Payroll

    Registered: April 2016

    Expected completion: July 2019

    Status

    The status of activity from each of the Single Touch Payroll (STP) consultation groups are available at:

    The STP Readiness Working GroupExternal Link has been dissolved. The ATO will continue to engage and work with industry members in targeted consultation groups and consult with broader stakeholder groups, such as digital service providers, employers and agents.

    Purpose

    To:

    • raise awareness of Single Touch Payroll across industry
    • ensure we engage with a broad cross section of industry, including software developers, solution providers, associations and businesses
    • work in partnership with industry for them to help shape and influence design
    • use industry expertise and experiences as we progress the implementation of STP.

    Description

    Schedule 23 of the Budget Savings (Omnibus) Act 2016External Link contains Single Touch Payroll reporting which means:

    • employers with 20 or more employees are required to report through Single Touch Payroll-enabled software.
    • the following information must be reported on or before the day you withhold from a payment (the pay day):            
      • payment information, including salary or wages, allowances, deductions, etc.
      • withholding amounts
      • superannuation liability information or ordinary times earnings (OTE).
    • employers who fully report all the information required through Single Touch Payroll will not have to comply with a number of other reporting obligations under the existing law. This includes providing certain payment summaries and the corresponding payment summary annual report (PSAR). They will need to provide a finalisation declaration to the ATO.
    • there is no requirement to pay PAYG withholding at the time of reporting, however an employer may make voluntary payments if they choose.
    • The Treasury Laws Amendment (2018 Measures No. 4) Bill 2018External Link, extending STP to small and micro businesses was passed by the House of Representatives on Tuesday 12 February 2019. The law change will come into effect on 1 April 2019.
    • In addition, further design elements of Single Touch Payroll and initial guidance for Phase 2 of the program are continuing through consultation with key industry working groups.

    Who we are consulting

    • intermediaries
    • software developers
    • businesses
    • industry representatives
    • super funds and clearing houses
    • employees.

    Contact

    Jason Lucchese, Assistant Commissioner Single Touch Payroll, Superannuation and Employer Obligations

    singletouchpayroll@ato.gov.au telephone: (02) 6216 2471

      Last modified: 08 Jul 2019QC 54486