The ATO on Wed 4.6.2014, issued Class Ruling CR 2014/46 (Westpac Banking Corporation – Westpac Capital Notes 2). It applies from 1 July 2013 to 30 June 2025. Broadly, the Ruling states that under item 2 of the table in s 109-10 of the ITAA 1997, a holder will acquire their capital notes on 23 June 2014, being the date the contract…
The ATO on Wed 18.6.2014, released Luxury Car Tax Determination LCTD 2014/2 which states that the luxury car tax threshold for the 2014-15 financial year is $61,884. The Determination also states that the fuel-efficient car limit for the 2013-14 financial year remains at $75,375. DATE OF EFFECT: Applies to the financial year commencing 1 July 2014. [LTN…
The ATO on Wed 25.6.2014, released Taxation Determination TD 2014/17 which states that the car limit for the 2014-15 financial year is $57,466. The car limit is used to work out decline in value deductions of certain cars under the income tax law. [LTN 120, 25/6/14]
This TD, released on Wed 25.6.2014, specifies for the purposes of s 108-85 of the ITAA 1997, that the CGT improvement threshold for the 2014-15 income year is id=”mce_marker”40,443. [LTN 120, 25/6/14]
This Taxation Determination, released Wed 11.6.2014, concerns a situation where an R&D entity incurs expenditure on various stages of design activities (design expenditure), connected with it beginning to hold a tangible asset, and that expenditure also falls within the terms of s 355-205 of the ITAA 1997. Section 355-205 deals with the entitlement of R&D entities…
This Determination, issued on Wed 4.6.2014, states that a capital support payments, which have the features outlined in the Determination are of capital nature and are not deductible under s 8-1 of the ITAA 1997. It also states that such payments are not a losses from a financial arrangement and accordingly are not deductible under ss…
This Determination, issued on Wed 4.6.2014, states that a UK company “holds directly” at least 10% of the voting power in an Australian company for the purposes of Article 10.2(a) of the United Kingdom Convention (ie the Australian-UK double taxation agreement (DTA)) where: a nominee shareholder owns shares carrying at least 10% of the voting…
This Ruling, released on Wed 25.6.2014, applies from 1 July 2014, and explains the methodology used by the Commissioner in making determinations of the effective life of depreciating assets under s 40-100 of the ITAA 1997. The Ruling replaces Taxation Ruling TR 2013/4, which is withdrawn with effect from 1 July 2014. To the extent that the Commissioner’s views in…
This Ruling, issued Wed 11.6.2014, considers the application of the requirement in s 23AH of the ITAA 1936 that a company “carry on a business at or through a permanent establishment (PE)”, in circumstances where a company is taken to have a PE: in relation to substantial equipment under para (b) of the definition of PE…
The ATO on Thur 5.6.2014, issued a Decision Impact Statement on the decision in AAT Case [2014] AATA 205, Re Dominic B Fishing Pty Ltd and FCT. In that case, the AAT held that fishing crew members on a commercial fishing vessel operated by the taxpayer, were not “employees”, at common law, or under the…