On Wed 16.11.2016, the ATO issued Product Ruling PR 2016/9 (TFS Indian Sandalwood Project 2016 Sophisticated Investor Offer 31 December 2016). It applies to growers that enter into the scheme from 16 November 2016 to 31 December 2016. [LTN 222, 16/11/6]
On Wednesday 16.11.16, the ATO issued the following Class Rulings: CR 2016/87: Off-market share buy-back: Insurance Australia Group Ltd. It applies from 1 July 2016 to 30 June 2017. CR 2016/88: Nintendo Australia Early Retirement Scheme 2016. It applies from 16 November 2016 to 31 August 2017. [LTN 222, 16/11/16]
On Monday 14 Nov 2016, the ATO released a draft of its Practical Compliance Guideline PCG 2016/D17 dealing with the ATO’s compliance approach to exploration expenditure deductions. Draft Taxation Ruling TR 2015/D4 (Income tax: deductions for mining and petroleum expenditure) provides the ATO’s view in relation to the deductibility under s8-1 and s40-730(1) of the…
ATO Deputy Commissioner Superannuation, James O’Halloran, gave a speech to the ASFA National Superannuation Conference on the Gold Coast on 10 November 2016 where he spoke on the ATO’s perspective on risk and compliance. Some of the points he made included: In relation to the major superannuation reform Bills introduced last week, he said the ATO has already…
On 16 Nov 2016, the High Court unanimously dismissed appeals by four companies (“the appellants”) from a decision of the Full Court of the Federal Court of Australia. The High Court held that the appellants were Australian residents for income tax purposes during the relevant years and were thus liable to tax in Australia on…