Business
- [201814] New broad class of Recipient created tax invoice (RCTI) [NEW]
- [201813] Draft guidance on GST governance and record keeping for financial suppliers
- [201811] Electronic sales suppression tool ban [NEW]
- [201810] Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018
- [201809] Remaking legislative instrument – Goods and Services Tax: Foreign Currency Conversion Determination (No. 1) 2017
- [201806 Professional firms - Allocation of profit guidelines and Everett Assignment web material [UPDATED]
- [201769] Major bank levy (MBL)
- [201761] Fringe Benefits Tax – definition of taxi
- [201615] Single Touch Payroll
- [201508] Infrastructure privatisation
[201814] New broad class of Recipient created tax invoice (RCTI)
Registered: May 2018
Expected completion: June 2018
Status
A discussion paperExternal Link has been published on Let’s Talk and is open for public comment.
Purpose
To assist in developing the scope of a proposal to allow more small and medium businesses to issue recipient created tax invoices (RCTIs).
Description
Under a proposal to allow more small and medium businesses to issue recipient created tax invoices (RCTIs), small and medium businesses in any industry will be able to issue RCTIs where certain conditions are met. The intention of this new broad class is to improve efficiency for small to medium businesses by cutting red tape, and to improve ATO administration.
We are seeking community feedback on the proposal which will assist us in developing the scope of this proposal, ensuring we get the right mix between minimising compliance risks and ease of use for business.
Who we are consulting
We are consulting broadly with the community via Let’s TalkExternal Link.
Contact
Bronlynn Graham, Director, Indirect Tax GST Technical Product Leadership
Bronlynn.graham@ato.gov.au telephone 07 3213 8347
[201813] Draft guidance on GST governance and record keeping for financial suppliers
Registered: May 2018
Expected completion: May 2018
Status: We are seeking feedback on draft web guidance on GST governance and record keeping for financial suppliers in relation to the priority issues through Let’s TalkExternal Link.
Purpose
To provide greater certainty on how taxpayers can meet ATO expectations of governance and record keeping in relation to priority financial supplies issues for GST.
Description
We are working with the community to develop a shared understanding of ATO expectations for governance and record keeping in relation to priority financial supplies issues for GST.
We have developed draft web guidance on GST governance and record keeping for financial suppliers in relation to the priority issues in our GST Financial Services and Insurance (FSI) strategy.
Who we are consulting
We are seeking input from financial suppliers such as banks, credit unions and life insurers, as well as industry bodies and advisors who work in this area.
Contact
Virginia Gogan, Strategy Manager, Financial Services and Insurance Strategy
Virginia.gogan@ato.gov.au telephone 03 8632 4643
[201811] Electronic sales suppression tool ban
Registered: April 2018
Expected completion: May 2018
Status
Draft guidance material is available for comment until 31 May 2018.
Purpose
To seek feedback on draft guidance relating to a proposed ban on electronic sales suppression tools to identify any issues that need clarification.
Description
Draft guidance has been prepared and describes how we plan to apply the proposed law on banning electronic sales suppression tools. The ban is proposed in Treasury Laws Amendment (Black Economy Taskforce Measures No.1) Bill 2018External Link introduced to Parliament on 7 February 2018.
This guidance is an indication of what will be published if the Bill is passed by Parliament, after considering any feedback provided.
Who we are consulting
Consultation is open to the community and will be promoted through:
- Tax professionals newsletter / BAS agent newsletter (Tax professionals)
- DSP newsletter (Digital service providers / ABSIA)
- relevant stewardship groups
Contact
Stephen Tower, Small Business
ESS@ato.gov.au telephone (08) 7422 2569
[201810] Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018
Registered: April 2018
Expected completion: May 2018
Status
This draft legislative instrument is available on the ATO Legal Database for comment.
Purpose
This determination is required to replace Goods and Services Tax: Foreign Currency Conversion Determination (No. 1) 2017External Link to reference Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018.
Description
This determination sets out the method to convert amounts of consideration that are expressed in foreign currency into Australian currency for the purposes of working out the value of a taxable supply.
Find out about GST on low value imported goods.
Who we are consulting
We will consult broadly with the community through the publication of the draft legislative instrument on the ATO Legal Database.
Contact
Anita Carter, Tax Counsel Network
AustraliaGST@ato.gov.au telephone: +61 (0)7 3213 6695
[201809] Remaking legislative instrument – Goods and Services Tax: Foreign Currency Conversion Determination (No. 1) 2017
Registered: 18 April 2018
Expected completion: 9 May 2018
Status
This draft legislative instrument is available on the ATO Legal Database for comment.
Purpose
This determination is required to replace Goods and Services Tax: Foreign Currency Conversion Determination (No. 1) 2017External Link to reference Goods and Services Tax: Foreign Currency (Customs Value of Low Value Goods) Determination 2018.
Description
This determination sets out the method to convert amounts of consideration that are expressed in foreign currency into Australian currency for the purposes of working out the value of a taxable supply.
Find out about GST on low value imported goods.
Who we are consulting
We will consult broadly with the community through the publication of the draft legislative instrument on the ATO Legal Database.
Contact
Anita Carter, Tax Counsel Network
AustraliaGST@ato.gov.au telephone: +61 (0)7 3213 6695
[201769] Major bank levy (MBL)
Registered: November 2017
Expected completion: June 2018
Status
The working group last met on 31 January 2018 to discuss recent developments in the MBL implementation process. Guidance on the end-to-end process of the MBL has been issued to affected MBL clients in the form of a frequently asked questions document. With the first payment due date in March 2018, consultation will remain open to continue to provide a forum for the affected MBL clients to raise any issues that may arise.
Purpose
To consult with key stakeholders to progress the implementation of the Major Bank Levy (MBL).
Description
The MBL applies to authorised deposit-taking institutions (ADIs) with a total liability greater than $100 billion for a particular quarter. The affected ADIs have a lodgment/reporting obligation with both the Australian Prudential Regulation Authority (APRA) and the Australian Taxation Office (ATO). The MBL is payable to the ATO. The general administration of the MBL is the responsibility of the Commissioner of Taxation.
Who we are consulting
- Australian Bankers Association
- Australian Prudential Regulation Authority
- Treasury
Contact
James Campbell, Director, Public Groups and International
james.campbell@ato.gov.au telephone (02) 9374 8867
[201761] Fringe Benefits Tax – definition of taxi
Registered: September 2017
Expected completion: June 2018
Status
A discussion paper closed for comment on 24 October 2017. The ATO has considered the responses and expects to finalise the matter by June 2018.
Purpose
To consider an interpretation of ‘taxi' for fringe benefits tax purposes that includes vehicles licensed to provide taxi services, including rank and hail services, ride-sourcing vehicles and other vehicles for hire.
Description
The ATO is consulting on the definition of ‘taxi’ contained in the Fringe Benefits Tax Assessment Act 1986 (FBT Act) and the exemption from fringe benefits tax for taxi travel taken to or from work or due to illness under section 58Z of the FBT Act.
In light of a recent Federal Court decision in the matter of Uber B.V. v Commissioner of Taxation [2017] FCA 110External Link (Uber), and certain proposed changes to licensing regulations in a number of states and territories, we consider it is appropriate to review our interpretation of the definition of ‘taxi’ contained in the FBT Act.
The FBT Act provides that taxi travel beginning or ending at work or undertaken due to sickness or injury is fringe benefits tax exempt. The exemption is limited to travel in a motor vehicle licensed to operate as a taxi.
Who we are consulting
Feedback was open to the community and industry stakeholders through the technical discussion paper TDP 2017/2 on the ATO Legal Database and Let’s TalkExternal Link.
We have consulted with industry stakeholders including employers, tax professionals, industry representatives and state and federal government departments.
Contact
Anna Longley, Assistant Commissioner, Private Groups and High Wealth Individuals
Anna.Longley@ato.gov.au telephone (03) 8632 4575
[201615] Single Touch Payroll (STP) [UPDATED]
Registered: April 2016
Expected completion: July 2018
Status
The status of activity from each of the STP consultation group is available at:
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 will no longer need to generate payment summaries for their employees
- employers will no longer be required to generate annual payment summary reports
- there is no requirement to pay PAYG withholding at the time of reporting, however an employer may make voluntary payments if they choose.
Who we are consulting
- Intermediaries
- software developers
- businesses
- industry representatives
- super funds and clearing houses
- employees.
Contact
John Shepherd, Assistant Commissioner Single Touch Payroll, Superannuation
singletouchpayroll@ato.gov.au telephone: (02) 6216 6678
[201508] Infrastructure privatisation
Registered: March 2015
Expected completion: June 2018
Status
The draft Infrastructure Framework document was issued on 31 January 2017 with stakeholder consultation continuing. Due to the current Treasury stapled structures consultation process taking place, the expected date for final release is now not likely to occur until early 2018.
Separately, we have sought feedback regarding negative control in the context of Division 6C. An updated document is expected to be released by December 2017, with some further stakeholder consultation likely.
Purpose
To identify key tax issues associated with infrastructure privatisation and establish the ATO position. Consultation will take place progressively regard identified tax issues.
Description
To identify critical tax issues with Infrastructure privatisation and to make submissions about appropriate tax treatment.
Who we are consulting
- Law Council of Australia
- The Tax Institute
- Chartered Accountants Australia and New Zealand
- Infrastructure Partnerships Australia
- Corporate Tax Association
- Property Council of Australia
- AVCAL
- large accounting and law firms and potential infrastructure investors.
Contact
Peter Maher, Director, Public Groups and International
peter.maher@ato.gov.au telephone: (03) 9946 9049
Matters we are consulting the community on, including their current status and purpose, who we are consulting, and when they are expected to be completed.