The ATO on Wed 25.6.2014, released the following Class Rulings: CR 2014/50: Proposed return of share capital: IPE Limited. It applies from 1 July 2013 to 30 June 2015. Among other things, the Ruling states that the proposed return of capital will not be a dividend as defined in s 6(1) of the ITAA 1936. CR 2014/51: Nyrstar Port Pirie…
The ATO on Wed 18.6.2014, issued Class Ruling CR 2014/49 (Payments made under the Education and Training Grant Program provided by the Rugby Union Players’ Association). It applies from 1 April 2013. Broadly, the Ruling states that amounts received under the program are not assessable under either ss 6-5 or 15-2 of the ITAA 1997. [LTN 115,…
The ATO on Wed 11.6.2014, issued the following Class Rulings: CR 2014/47: Self purchasing of services for assessed treatment and care needs in the NSW Lifetime Care and Support Scheme. It applies from 25 June 2012. Broadly, the Ruling states that payments received by a participant in the scheme are not included in their assessable income under…
The ATO on Wed 4.6.2014, issued Class Ruling CR 2014/46 (Westpac Banking Corporation – Westpac Capital Notes 2). It applies from 1 July 2013 to 30 June 2025. Broadly, the Ruling states that under item 2 of the table in s 109-10 of the ITAA 1997, a holder will acquire their capital notes on 23 June 2014, being the date the contract…
The ATO on Wed 18.6.2014, released Luxury Car Tax Determination LCTD 2014/2 which states that the luxury car tax threshold for the 2014-15 financial year is $61,884. The Determination also states that the fuel-efficient car limit for the 2013-14 financial year remains at $75,375. DATE OF EFFECT: Applies to the financial year commencing 1 July 2014. [LTN…
The ATO on Wed 25.6.2014, released Taxation Determination TD 2014/17 which states that the car limit for the 2014-15 financial year is $57,466. The car limit is used to work out decline in value deductions of certain cars under the income tax law. [LTN 120, 25/6/14]
This TD, released on Wed 25.6.2014, specifies for the purposes of s 108-85 of the ITAA 1997, that the CGT improvement threshold for the 2014-15 income year is id=”mce_marker”40,443. [LTN 120, 25/6/14]
This Taxation Determination, released Wed 11.6.2014, concerns a situation where an R&D entity incurs expenditure on various stages of design activities (design expenditure), connected with it beginning to hold a tangible asset, and that expenditure also falls within the terms of s 355-205 of the ITAA 1997. Section 355-205 deals with the entitlement of R&D entities…
This Determination, issued on Wed 4.6.2014, states that a capital support payments, which have the features outlined in the Determination are of capital nature and are not deductible under s 8-1 of the ITAA 1997. It also states that such payments are not a losses from a financial arrangement and accordingly are not deductible under ss…
This Determination, issued on Wed 4.6.2014, states that a UK company “holds directly” at least 10% of the voting power in an Australian company for the purposes of Article 10.2(a) of the United Kingdom Convention (ie the Australian-UK double taxation agreement (DTA)) where: a nominee shareholder owns shares carrying at least 10% of the voting…