The ATO on Thur 10.10.2013, released Practice Statement Law Administration PS LA 2013/4 to provide guidance to ATO personnel participating in tax law design, particularly in relation to how the draft law might operate once its enacted. Broadly, it states tax law design involves consultation with business and community representatives as well as collaboration with…
The ATO, on Wed 30.10.2013, issued Class Ruling CR 2013/77 (FBT: rewards received by an employee under the LM High Flyers incentive program). The Ruling applies to employers, appointed under an agreement with Toyota Motor Corporation Australia Limited to be authorised dealers, who enable employees to participate in the LM High Flyers incentive program (the…
The ATO on Wed 23.10.2013, issued Class Ruling CR 2013/76 (Early retirement scheme – Victorian WorkCover Authority). According to the Ruling, the early retirement scheme to be implemented by the Victorian WorkCover Authority is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. It applies from Wed 23.10.2013 to 30 June 2014. [LTN…
The ATO on Wed 23.10.2013, issued the following Product Rulings: PR 2013/17 (AgriWealth 2014 Softwood Timber Project). According to this Ruling, a Grower can claim deductions for specified amounts (eg establishment services fees, etc) when they are paid to the Manager. It applies prospectively from Wed 23.10.2013, the date it was published. PR 2013/18 (Macquarie…
The ATO on Wed 16.10.2013, issued Class Ruling CR 2013/75 (The Imperial Tobacco Australia Limited Voluntary Early Retirement Scheme (VRS)). It applies from Wed 16.10.2013 to 28 February 2014. Broadly, the Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. [LTN 200,…
The ATO on Wed 9.10.2013, issued Class Ruling CR 2013/74 (Early retirement scheme for Griffith University). It applies from Wed 9.10.2013, to 31 December 2013. Broadly, the Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. [LTN 195, 9/10/13]
This TD, released on Wed 23.10.2013, says that a consolidated special purpose financial report of a head company of a tax consolidated group cannot satisfy clause 1.1 of Sch 2 to the Income Tax Assessment Regulations 1997 where transactions within the same category are translated using inconsistent methodologies. Clause 1.1 of Sch 2 to the Regulations allows…
This TD, issued Wed 23.10.2013, states that when an employer reimburses an amount of expenditure incurred by an employee to a third party, under a salary sacrifice (or similar) arrangement with that employee, where that expenditure is notionally subject to Div 35 of the ITAA 1997, the amount included under s 35-10(2E) is increased when applying the…
This Ruling, released on Wed 23.10.2013, sets out the Commissioner’s views on whether a “once only deduction” arises in calculating the taxable value of an “external expense payment fringe benefit” under s 24 of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) where the expenditure associated with that fringe benefit would be subject to the loss…
The ATO on Wed 16.10.2013, released a Decision Impact Statement on the AAT’s decision in AAT Case [2013] AATA 617, Re S J Buller Pty Ltd and FCT. In that case, the AAT affirmed the Commissioner’s decision to deny a taxpayer wine producer rebates under the WET regime for the March 2010 and June 2010 quarters and impose a 25%…