The ATO Wed 24.10.2012 issued the following Class Rulings: : Deductibility of CR 2012/94employer contributions to the Australian Construction Industry Redundancy Trust. It applies from 1 July 2012 to 30 June 2018. Broadly, the Ruling states that an employer who makes contributions to the trust can claim a deduction under s 8-1 of the ITAA…
The ATO on Wed 10.10.2012, issued the following Class Rulings: : Class Ruling CR 2012/86FBT: employer clients of Baptist Financial Services Australia who are subject to the provisions of s 57, s 57A or s 65J of the FBTAA and who make use of the BFS Visa Prepaid PayCard facility. It applies from 1 April…
The Tax Office on Wed 3.10.2012, released the following Class Rulings: : FBT: employer contributions to the Class Ruling CR 2012/84Australian Construction Industry Redundancy Trust (ACIRT). The ATO says contributions made by employers to ACIRT under the terms of the Building and Construction General On-site Award 2010 will be exempt benefits under s 58PA of…
This Draft TD, issued Wed 31.10.2012, says 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 Draft TD, issued on Wed 24.10.2012, says 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…
This Draft TD, released late on 28 September 2012, sets out the amounts the Commissioner considers reasonable under s 31G of the FBT Assessment Act for food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit in the period 1 April 2013 to 31 March 2014. In addition, a transitional arrangement…
This TD, issued on Wed 24.10.2012, provides the Commissioner’s views on whether a beneficiary’s share of net income is worked out by reference to the proportion of the income of the trust estate to which the beneficiary is presently entitled. The TD states that to determine the share of net income of a trust estate…
This TD, released Wed 24.10.2012, provides that CGT event E1 or E2 in the ITAA 1997 does not happen if the terms of a trust are changed pursuant to a valid exercise of a power contained within the trust’s constituent document, or varied with the approval of a relevant court unless either: (a) the change…
The ATO on Fri 12.10.2012, issued a Decision Impact Statement on the decision of the Full Federal Court in LVR (WA) Pty Ltd & Anor v AAT and FCT [2012] FCAFC 90. In that case, the Full Court allowed the taxpayers’ appeal from a 2011 Federal Court decision concerning their applications for review of the…
The Commissioner has lodged a notice of appeal to the Federal Court against the decision in AAT Case [2012] AATA 660,. In that case, the AAT held that the Commissioner had incorrectly calculated the tax payable on the taxable component of an employment termination payment (ETP) by not allocating deductions and prior year losses in…