Tax news, views & clues – November 2017

  • Compensation for ATO systems outages – The ATO has advised about how it will assess claims for compensation following its recent systems outages.
  • Small business restructure rollover – The ATO is proposing to modify how the small business restructure rollover operates.
  • Tax cut closed off for passive investment companies – The Government has released exposure draft legislation to deny access to the lower corporate tax rate of 27.5% for companies with predominantly passive income.
  • Identification numbers for directors – The Government has announced a package of reforms to combat phoenix activities, including the introduction of a Director Identification Number.
  • Legislation for First Home Super Saver scheme and downsizer super contributions – A new Bill to enact these measures has been introduced into Parliament.
  • No GST on digital currency – The GST Act is being amended to ensure that supplies of digital currency receive equivalent GST treatment to supplies of money.
  • New financial and superannuation complaints authority – The Australian Financial Complaints Authority will resolve disputes about products and services provided by financial firm.
  • Superannuation guarantee – The Government has announced a crackdown on employer non-compliance and new legislation will prevent employers using an employee’s salary sacrifice contributions to reduce the employer’s minimum contributions.