The ATO on Wed 29.1.2.014, issued the following Class Rulings: CR 2014/10: Share consolidation and in specie distribution: Macquarie Group Limited. It applies from 1 July 2013 to 30 June 2014. Broadly, the Ruling states that the dividend component of the distribution must be included in the assessable income of the shareholder. CR 2014/11: Demerger of Orora Limited by…
The ATO on Wed 22.1.2014, released the following Class Rulings: CR 2014/6: The GST treatment of fees and charges imposed by NSW Councils in relation to matters involving administration, animals, approvals/permits, health, impounding and pest control. It applies from 1 July 2013 to all entities who entered into the scheme as described during the term of the…
The ATO on Wed 15.1.2014, issued the following Class Rulings: CR 2014/4: Clough Limited Scheme of Arrangement and Special Dividend. It applies from 1 July 2013 to 30 June 2014. The Ruling broadly states that the special dividend is a dividend for the purposes of s 6(1) of the ITAA 1936. CR 2014/5: Format of mobile phone invoice as evidence…
The ATO on Wed 15.1.2014, issued Product Ruling PR 2014/1 (The tax consequences of entering into a Non-Entity Joint Venture Agreement with Tremplin Limited relating to participation in the National Rental Affordability Scheme (NRAS)). It applies to entities that enter into the scheme from Wed 15.1.2014 to 30 June 2016. The Ruling states that investor entities will be…
This Draft Taxation Determination, issued on Wed 29.1.2014, states that capital support payments described in the Draft are not deductible for the purposes of para 8-1(2)(a) of the ITAA 1997, or under ss 230-15(2), 230-15(3), and 40-880. The arrangement outlined in the Draft consists of a parent entity agreeing to provide a subsidiary with one…
The ATO on Wed 15.1.2014, released Draft Taxation Determinations TD 2014/D2-D6 on the consolidation changes introduced by Pt 4 of Sch 3 to the Tax Laws Amendment (2012 Measures No 2) Act 2012 (rights to future income and residual tax cost setting rules) which are relevant in ascertaining whether the pre-rules, interim rules, or prospective rules apply…
This Draft Determination, issued on Wed 15.1.2014, states that the application of Pt IVA of the ITAA 1936 to any particular scheme depends on a careful weighing of all the relevant facts and surrounding circumstances of each case. It states that without all relevant information, it is not possible to state definitively whether a provision in…
The ATO on Thur 23.1.2014, released Decision Impact Statements on the following cases: FCT v Resource Capital Fund IV LP [2013] FCAFC 118 – The Full Federal Court had unanimously allowed the Commissioner’s appeal and held that s 255 notices requiring a company to retain out of Canadian currency sufficient funds to meet 2 taxpayers’ Australian…
The ATO on Tue 21.1.2014, released a Decision Impact Statement on the Full Federal Court’s decision in FCT v Cancer and Bowel Research Association Inc as Trustee for the Cancer and Bowel Research Trust [2013] FCAFC 140. In that case, the Full Court had unanimously dismissed the Commissioner’s appeal from a “decision” of the AAT…
The ATO on Mon 13.1.2014, released a Decision Impact Statement on the Full Federal Court’s decision in Macquarie Bank Limited & Anor v FCT [2013] FCAFC 119. In that case, the Full Federal Court refused Macquarie Bank Ltd leave to appeal against the decision of Edmonds J in Macquarie Bank Limited & Anor v FCT [2013]…