Australia

Wednesday 17 December 2014 

(1) OECD BEPS Project: Discussion drafts and public consultations
(2) Corporations Amendment (Simple Corporate Bonds) Proclamation 2014
(3) Corporations Amendment (Simple Corporate Bonds) Regulation 2014
(4) Unleaded Petroleum prices, costs and profits Instrument 2014
(5) ATO Rulings and LAPS released 17 December 2014
(6) ATO website update
(7) ATO Transfer Pricing Record Keeping Guidance: note for preparers of 30 June 2014 income tax returns
(8) OECD Economic Survey of Australia 2014
(9) JAEPA enters into force in 2015

(1) OECD BEPS Project: Discussion drafts and public consultations

OECD issued a media release discussing the timeline of the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project and the remaining elements of the Action Plan.


(2) Corporations Amendment (Simple Corporate Bonds) Proclamation 2014

The Corporations Amendment (Simple Corporate Bonds and Other Measures) Proclamation 2014 was registered on 16 December 2014.


(3) Corporations Amendment (Simple Corporate Bonds) Regulation 2014

The Corporations Amendment (Simple Corporate Bonds and Other Measures) Regulation 2014 was registered on 16 December 2014. It amends the Corporations Regulations 2001 to specify the structure and content of the prospectus material.


(4) Unleaded Petroleum prices, costs and profits Instrument 2014

Competition and Consumer Act 2010 - Monitoring of the Prices, Costs and Profits Relating to the Supply of Unleaded Petroleum Products in the Petroleum Industry in Australia was registered on 16 December 2014.

(5) ATO Rulings and LAPS released 17 December 2014

On 17 December 2014, the Australian Taxation Office (ATO) released 2 Goods and Services Tax Rulings, 2 Taxation Rulings , 7 Taxation Determinations, 1 Draft Taxation Determination, 6 Class Rulings, 4 Addenda, 1 Withdrawal, 3 Final Law Administration Practice Statements.

    (6) ATO website update

  • Farm management deposits scheme
  • Excise and biodiesel manufacture
  • Fuel tax credits – changes from 1 July 2014
  • Fuel tax credits calculation worksheet
  • Fuel tax credits – fuel blends
  • Fuel tax credits – domestic electricity generation and non-profit emergency vehicles or vessels (NAT 15621)
  • Fuel tax credits – travel and other activities for heavy vehicles
  • Fuel tax credit rates – domestic electricity and emergency vehicles and vessels
  • Fuel tax credit rates and eligible fuels
  • Cleaner fuels grants scheme guide
  • SuperUpdate December 2014
  • Help employers meet their super obligations
  • Is your practice ready for ABR changes?
  • Never too late to lodge BAS

(7) ATO Transfer Pricing Record Keeping Guidance: note for preparers of 30 June 2014 income tax returns

Taxpayers with 30 June 2014 tax returns due for lodgement shortly after the Christmas break should pay particular to the contents of PSLA 2014/3 Simplifying transfer pricing record keeping.


(8) OECD Economic Survey of Australia 2014

On 17 December 2014, OECD released an Economic Survey of Australia report entitled Rebalancing to sustain growth.


(9) JAEPA enters into force in 2015

The Minister for Trade and Investment, Andrew Robb announced that the Japan-Australia Economic Partnership Agreement (JAEPA) will enter into force on 15 January 2015.

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