The ATO issued two Class Rulings on Wed 22.8.2018:
- CR 2018/36 – St George channel scheme – receipt of membership interests in Mallawa Irrigation Limited. It states that these interests are received on capital account and that the first element of their cost base is nil. DATE OF EFFECT: 1 July 2017 to 30 June 2019; and
- CR 2018/37 – FBT: employers using the eROAD System for car log book and odometer records. It states that the eROAD System Electronic FBT Logbook PDF Report is both a log book record and an odometer record for FBT purposes. The ATO accepts that an employer using this product may be able to reduce the operating costs of a car on account of business journeys. DATE OF EFFECT: 22 August 2018 to 31 March 2023.
[LTN 161, 22/8/18; Tax Month – August 2018]