The ATO has advised that it has obtained data that identifies credit and debit card sales made by Australian businesses in the 2011-12 financial year from various banks including: Commonwealth Bank of Australia; St George Bank; American Express Australia Limited; Diners Club Australia; Westpac Banking Corporation; Australia and New Zealand Banking Group Limited; National Australia…
The ATO Thur 31.1.2013, released Practice Statement PS LA 2013/1 outlining the guidelines to be followed by tax officers preparing statements of reasons pursuant to s 13 of the Administrative Decisions (Judicial Review) Act 1997 (ADJR Act). The Practice Statement states that s 13 imposes an obligation on decision makers in the ATO to provide a written…
The ATO on Wed 30.1.2013, issued the following Class Rulings: CR 2013/7: Queensland Government Department of Education Training and Employment – early retirement scheme. It applies from 30 January 2013 to 31 December 2013. The Ruling broadly states that the scheme is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. CR 2013/8: Demerger of…
The ATO on Wed 23.1.2013, issued the following Class Rulings: CR 2013/5: Cape PLC conversion of employee share scheme interests from rights to options. It applies from 1 July 2012 to 30 June 2013. The Ruling states that no ESS deferred taxing point will occur for the purposes of s 83A-120 of the ITAA 1997 as a consequence of the…
The ATO on Wed 16.1.2013, issued Class Ruling CR 2013/4 (Return of capital: Energy Infrastructure Trust). It applies from 1 July 2011 to 30 June 2013. The Ruling broadly states that the return of capital is not a dividend as defined in s 6(1) of the ITAA 1936. [LTN 10, 16/1/13]
The ATO on Wed 9.1.2012, issued the following Class Rulings: CR 2013/1: The GST treatment of rates and annual charges levied by NSW councils. It applies from 1 July 2013. The Ruling broadly states that the payment of ordinary rates or special variations to ordinary rates is “exempt” from GST under s 81-5(1) of the GST Act. CR…
This TD, issued Wed 23.1.2013, states that ordinary income derived by an individual from allowing wind farming infrastructure to be constructed, operated and accessed on freehold land that they own and use in carrying on a primary production business does not constitute “assessable primary production income” of that individual for the purposes of Div 392 of…
This TD, issued on Wed 23.1.2013, states that where a taxpayer enters into a limited recourse loan (investment loan) which is made under a capital protected borrowing for the purposes of Div 247 of the ITAA 1997, and a full recourse loan (interest loan) is entered into solely to fund an amount of prepaid interest on…
This Ruling, issued on Wed 30.1.2013, provides the Commissioner’s view on the meaning of “employer” in the general exclusion provision provided under the Income from Employment Article (or equivalent), of Australia’s tax treaties (short-term visit exception). It also outlines the approach taken in determining who the employer is for the purposes of the short-term visit…
The ATO on Fri 18.1.2013, released a Decision Impact Statement on the following case: AAT Case [2012] AATA 848, Re Waldeck and FCT – In this case, the AAT remitted in full a 25% penalty imposed on a taxpayer for claiming PAYG withholding credits in his tax returns which were not withheld by his employer…