Australia

Monday 8 February 2016  

(1) Legislation scheduled for debate in Parliament this week
(2) Selection Committee refers Bills to Committee
(3) Additional Estimates for 2016 - Schedule
(4) Senate Inquiry into the foreign investment review framework - interim report
(5) ATO changes to deferral application forms
(6) ATO DIS Macoun v Commissioner of Taxation
(7) ATO website update
(8) Prime Minister flags Budget will be the "Tax White Paper"
(9) United Kingdom releases policy paper on income tax and CGT
(10) For the International Tax Director

(1) Legislation scheduled for debate in Parliament this week

 

The 2016 Autumn sitting of Parliament will continue this week, with the House of Representatives sitting from 8 to 11 February 2016.

 

(2) Selection Committee refers Bills to Committee

 

On 4 February 2016, the Senate Selection of Bills Committee released its Report No. 1 of 2016, referring the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Bill 2015 and related bills to the Economics Legislation Committee for inquiry.

 

(3) Additional Estimates for 2016 - Schedule

 

Senate Additional Estimates Hearings for 2015-2016 are scheduled to commence this week.

 

(4) Senate Inquiry into the foreign investment review framework - interim report

 

On 4 February 2016, the Senate Economics References Committee tabled its interim report regarding the inquiry into Foreign investment review framework.

 

(5) ATO changes to deferral application forms

 

The Australian Taxation Office (ATO) changes to deferral forms, to make requesting deferrals for easier.

 

(6) ATO DIS Macoun v Commissioner of Taxation

 

The Australian Taxation Office (ATO) issued a Decision Impact Statement (DIS) in response to the decision of the Court in Macoun v Commissioner of Taxation [2015] HCA 44.

 

(7) ATO website update

 

  • Have you made any consolidation changes?
  • Let us know about consolidation
  • Small business fix-it squads

 

(8) Prime Minister flags Budget will be the "Tax White Paper"

 

The Prime Minister, Malcolm Turnbull stated in various media interviews, that the upcoming May Budget "will be, for all practical purposes, the White Paper" and that the Budget, being 3 months away, would be the Government's "tax platform.

 

(9) United Kingdom releases policy paper on income tax and CGT

 

The United Kingdom Her Majesty's Revenue and Customs (HMRC) released a policy paper inviting views on proposed legislation that would deem certain persons, who would otherwise be non-domiciled in the UK through general law, to be UK domiciled for income tax and capital gains tax.

 

(10) For the International Tax Director

 

For an Australian Tax Director interested in a brief overview of the latest tax developments internationally, a selection of recent KPMG publications available via various KPMG websites has been updated.

 

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