Yearly Archives: 2017

*GST: adjustment note and recipient created invoice requirements information requirements – Determination made [G1]

The A New Tax System (Goods and Services Tax) Adjustment Note Information Requirements Determination 2012 was registered on the Federal Register of Legislative Instruments on Tue 3.4.2012. It specifies the other information requirements for adjustment notes and recipient created adjustment notes for the purposes of s 29-75(1) of the GST Act, following legislative amendments allowing…

ATO writes to charities re updating details [R11]

The ATO says it wrote to all organisations endorsed as tax concessions charities in March and April 2012 recommending that each organisation review their charity endorsement status and review their details. The ATO said it is important that the details are up-to-date as it will be providing the information to the proposed new national regulator,…

*Wickenby: man charged; $40m in assets restrained [R10]

As part of Project Wickenby, the Australian Federal Police (AFP) says it has charged a man with conspiring to dishonestly cause a loss to the ATO and conspiring to deal in the proceeds of crime to the value of $63m, dismantling a multi-million dollar tax evasion and money laundering scheme. The AFP said a 67-year-old…

Project Wickenby results update [R9]

The ATO has released the most recent Project Wickenby results. It said as at 29 February 2012 the taskforce had resulted in: $1.275bn in tax liabilities raised; $292.7m in monies recouped from tax collections; $306.7m in monies recouped from tax collections in subsequent years from people subject to Project Wickenby action; $2.1m of other monies…

*PS LA 2012/1 – principles guiding the management of high risk technical issues [R8]

The ATO on Tue 10.4.2012, issued Practice Statement Law Administration PS LA 2012/1<http://info-anz.thomson.com/t/11403525/105811750/90239/0/> outlining the principles guiding the management of high risk technical issues, including the engagement of ATO tax technical officers in Law and Practice on the issues. The ATO says a guide has been developed to assist tax officers in the effective application…

CR 2012/26 – Scrip-for-scrip rollover – merger of Adamus Resources Limited and Endeavour Mining Corporation [R7]

The ATO Tues 24.4.2012, issued Class Ruling CR 2012/26 (Scrip-for-scrip: merger of Adamus Resources Limited and Endeavour Mining Corporation). It applies from 1 July 2011 to 30 June 2012. The Ruling broadly states that eligible shareholders who make a capital gain from the disposal of Adamus shares to Endeavour is eligible to choose scrip-for-scrip rollover…

CR 2012/25 – Issue of convertible preference shares by Insurance Australia Group Ltd are ‘debt interests’ [R6]

The ATO Wed 18.4.2012, issued Class Ruling CR 2012/25 (Insurance Australia Group Limited – issue of convertible preference shares). It applies from 1 May 2012 to 30 June 2019. The Ruling broadly states that the dividends paid to shareholders of convertible preferences shares meets the definition of a dividend in s 6(1) of the ITAA…

CR 2012/24 – Early retirement scheme [R5]

The ATO on Wed 11.4.2012, issued Class Ruling CR 2012/4 (Early retirement scheme Endeavour Energy). It applies from the date of the Commissioner’s approval to 31 December 2013. The Ruling broadly states that the early retirement scheme to be implemented by Endeavour Energy is an early retirement scheme for the purposes of s 83-180 of…

CR 2012/22-23 – Demerger relief available; football umpires payments are not assessable [R4]

The ATO on Wed 4.4.2012, issued the following Class Rulings: CR 2012/22: Demerger of Lyell Resources Limited by Bondi Mining Limited. It applies from 1 July 2011 to 30 June 2012. The Ruling broadly states that eligible shareholders will be able to choose CGT rollover relief under s125-55(1) of the ITAA 1997 in relation to…

*TD 2012/2 – time at which the Shortfall Interest Charge (SIC) and General Interest Charge (GIC) is ‘incurred’ for s25-5 deduction purposes [R3]

This TD, issued Wed 4.4.2012, provides the Commissioner’s view on when is a shortfall interest charge (SIC) is incurred for the purposes of para 25-5(1)(c) of the ITAA 1997. The Determination broadly states that a SIC is incurred in the year of income the Commissioner gives taxpayers a notice of amended assessment. It says this…