The ATO has announced details of its proposed data matching program that will request and collect information in relation to payments made to contractors for the 2009-10 to the 2011-12 income years by businesses audited by the ATO employer obligations area. Data will also be collected from businesses being audited by the ATO employer obligations…
The ATO on Wed 31.10.2012, issued the following Class Rulings: Class Ruling CR 2012/98: Whitefield – allotment of convertible resettable preference shares (CRPS). It applies from 9 August 2012 to 30 June 2019. Among other things, the Ruling states that dividends paid the shareholders of the preference shares will be a dividend pursuant to s…
The ATO on Wed 17.10.2012, issued the following Class Rulings: CR 2012/90: demerger of Audeo Oncology, Inc by Alchemia Limited. The Ruling applies to relevant shareholders of Alchemia Limited (Alchemia) and applies from 1 July 2012 to 30 June 2013. The Ruling sets outs CGT and dividend consequences of the proposed demerger. CR 2012/91: return…
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…