Daily Archives: July 1, 2018

GST withholding on purchase of certain ‘new’ residential premises and ‘potential residential land’ – Commissioner releases relevant online forms and instructions

From 1 July 2018, purchasers of new residential premises or potential residential land are required to withhold an amount of the contract price and pay this directly to the ATO as part of the settlement process. The ATO has released instructions on how to complete the new GST property settlement forms. Purchasers of new residential premises or…

TR 2018/4 – Effective life of depreciating assets from 1 July 2018 – Commissioner’s determination under s40-100

On 27 June 2018, the Commissioner issued TR 2018/4, setting out his determination of the effective life of depreciating assets, for the purposes of depreciation deductions under Division 40 of the ITAA97 (s40-25). Though taxpayers can choose their own ‘effective lives’ s40-100 allows the Commissioner to determine effective lives, which are widely used as they avoid…

Superannuation – ‘Member Information Accounts’ under s390-5 – Commissioner’s determination of ‘Approved Form’ registered – applies from 1 July 2018

A superannuation related Legislative Instrument: the Taxation Administration Member Account Transaction Service – the Reporting of Information Relating to Superannuation Account Transactions 2018 was registered on 27.6.2018. The Deputy Commissioner – Superannuation made the determination on 24 May 2018, but it was a little over a month until it was registered. The Determination will apply…

PR 2018/6 – Investment in Chan & Naylor Property Investor Trust – interest deductible and Part IVA doesn’t apply

On Wed 27.6.2018, the ATO released Product Ruling PR 2018/6 (Deductibility of interest in relation to an investment in a Chan & Naylor Property Investor Trust). This ruling considers the tax consequences of investing in a trust offered by CNIP Pty Ltd, using borrowings that are on arm’s length and commercial terms. In particular, it…