Taxation Determination TD 2012/16, released on Wed 27.6.2012, states that the car limit for the 2012-13 financial year is $57,466. Luxury Car Tax Determination LCTD 2012/1, also released on Wed 27.6.2012, states that the luxury car tax threshold for the 2012-13 financial year is $59,133. The Determination also states that the fuel-efficient car limit for…
This TD released on Wed 27.6.2012, states that, for the income year that commenced on 1 July 2011, the benchmark interest rate for the purposes of ss 109N and 109E of the ITAA 1936 is 7.05% (down from 7.80% per annum for 2011-12). [LTN 122, 27/6]
This TD, released on Wed 6.6.2012, provides clarification on the appropriate tax treatment of the gain/loss from a hedging financial arrangement when a cessation event happens to the arrangement. The TD says that a gain or loss resulting from the expiration, sale, termination or exercise (collectively “Cessation Events”) of a hedging financial arrangement to which…
This TD, released on Wed 6.6.2012, states that the rules in Subdiv D of Div 7A of Pt III of the ITAA 1936 (which exclude certain payments or loans from being treated as dividends under Subdiv B) do not necessarily affect the circumstances in which a deemed payment or notional loan arises under Subdiv E.…
This Determination, released on Wed 6.6 2012, expresses the ATO view that it is possible (depending on the circumstances) for a beneficiary of a trust estate to be “reasonably expected” to receive a share of the net financial benefit referable to a capital gain for the purposes of s 115-228(1)(a) of the ITAA 1997 (ie…
The Tax Office on Wed 6.6.2012, released this TD which deals with the issue of when income tax of a private company will be a “present legal obligation” for the purposes of the distributable surplus calculation under s 109Y(2) of Div 7A of Pt III of the ITAA 1936. It was previously released as Draft…
This TD, released on Wed 27.6.2012, provides the Commissioner’s views on the types of temporary absences from foreign service, which would form part of a continuous period of foreign service under s 23AG of the ITAA 1936. Broadly, the TD provides that certain temporary absences that are related to the foreign service will not be…
This Ruling, released on Wed 27.6.2012, is about the taxation of dividends paid in compliance with s 254T of the Corporations Act 2001 from 28 June 2010. The Corporations Amendment (Corporate Reporting Reform) Act 2010 changed the prohibitions in s 254T of the Corporations Act governing the circumstances in which a company can pay a…
This Ruling, released on Wed 20.6.2012, discusses the operation of s 230-55(4) of the ITAA 1997 in determining whether a number of rights and/or obligations are themselves an arrangement or are 2 or more separate arrangements for the purposes of Div 230. Broadly, the Ruling states that whether a number of rights and/or obligations are…
This Ruling, released on Wed 12.6.2012, provides guidance on the nexus test for hypothetical losses relevant to the application of s 230-30(2) of the ITAA 1997. It explains how that subsection applies to a gain made from a financial arrangement. Where this provision applies, a gain is to some extent exempt income or non-assessable non-exempt…