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  • Proposed public advice and guidance strategy

    Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 – ATO’s proposed public advice and guidance strategy

    DISCLAIMER: this document is intended as an early indication of the topics on which the Commissioner expects to produce public advice and guidance. It is not binding in nature and does not represent a commitment to:

    1. cover all of the listed topics
    2. limit coverage to these topics
    3. reach any particular interpretive or administrative position
    4. meet any particular deadline in relation to the publication of advice or guidance.

    You are invited to provide any feedback, comments, or examples which the Commissioner might consider covering in his guidance on the measures contained in Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018External Link following, and subject to, the Bill's passage.

    Feedback, comments or examples can be provided:

    • by email to tim.rowe@ato.gov.au
    • by post addressed to Tim Rowe, Assistant Commissioner, Tax Counsel Network, GPO Box 9977, Melbourne VIC 3001

    Contact officer: Tim Rowe (03) 9285 1798External Link

    Subject to passage of the law, the Commissioner intends to publish draft products in early 2019 with a view to having final products published (and binding on the Commissioner where relevant) prior to commencement of the majority of the changes at 1 July 2019.

    Treasury Laws Amendment (Making Sure Foreign Investors Pay Their Fair Share of Tax in Australia and Other Measures) Bill 2018 – ATO’s proposed public advice and guidance strategy

    Product

    Law Companion Ruling (LCR)

    Topic

    NCMI – What is NCMI?

    Description / details

    • NCMI categories and key concepts
    • Exemptions to cross-staple NCMI
      • Transitional
        • Threshold requirements
        • Approved/committed but not commenced
        • Parameters of ‘facility’ and ‘economic infrastructure facility’
        • Elections (including scope of protection)
      • Third party rent from land
    • MIT residential housing income (including relationship with Div 6C)
    • MIT agricultural income (including when land is reasonably capable of being used for carrying on a primary production business)
    • Table of all NCMI transitional periods

    Product

    Various

    Topic

    NCMI - rent pricing, transitional and attribution

    Description / details

    • Revisit and update AMIT NALIR LCR
    • Meaning and examples of ‘objective methodology’, ‘specified amount’
    • Parameters in the absence of objective methodology (including application of 80:20 rule)
    • Guidance on attribution principles

    Product

    LCR(s)

    Topic

    Sovereign Immunity and Superannuation Funds for Foreign Residents

    Description / details

    • Sovereign entity group and aggregation
    • Influence test
    • Return on/loss in respect of
    • Public monies
    • Public financial entity and public non-financial entity
    • Consular functions
      Last modified: 05 Feb 2019QC 57843