The ATO on Wed 9.5.2012, issued the following Class Rulings: : FBT and income tax: employer contributions to the WA Construction Industry Redundancy (No 2) Fund. It applies from 1 April 2011. The Ruling broadly states that the payment of an employer CR 2012/28contribution to the Redundancy Fund pursuant to an “industrial instrument” will be…
The ATO on Wed 2.5.2012, issued Class Ruling CR 2012/27 (Early retirement scheme: BlueScope Steel Limited). It applies from the date of the Commissioner’s approval to 11 June 2012. The Ruling broadly states that the early retirement scheme to be implemented by BlueScope Steel Limited is an early retirement scheme for the purposes of s…
The ATO on Wed 30.5.2012, issued Addenda to the following Taxation Determinations to reflect the changes introduced by the Tax Laws Amendment (2010 Measures No 1) Act 2010: Taxation Determination TD 2008/29: Consolidation: capital gains: do the core consolidation rules in Div 701 of the ITAA 1997 modify the effect of the CGT contract rules…
The ATO Wed 23.5.2012 released Taxation Determination TD 2012/9. It specifies for the purposes of s 39A of the FBTAA, that the car parking threshold for the FBT year that commenced on 1 April 2012 is $7.83 (up from $7.71 that was applied in the previous year).
[LTN 98, 23/5]
This Draft Ruling, released on Wed 23.5.2012, gives the ATO’s views on who is the “employer” for the purposes of the short-term visit exception under the Income from Employment Article, or its equivalent, of Australia’s tax treaties. Under Australia’s tax treaties, the general rule is that employment income is taxed in the Contracting State of…
This Draft TR, issued on Wed 9.5.2012, provides Commissioner’s preliminary views on the operation of capital allowance rules in Div 40 of the ITAA 1997 to open pit mine site improvements. Broadly, the Draft defines an “open pit mine site improvement” and indicates that the improvement is a depreciating asset. Further, the Draft also sets…
MT 2012/3, issued on Wed 9.5.2012, outlines the Commissioner’s interpretation of s 284-225 of Sch 1 to the TAA and the circumstances under which a penalty will be reduced. It also provides guidelines on how the Commissioner may exercise his discretion. The Ruling replaces Miscellaneous Taxation Ruling 2008/3, which was withdrawn from 7 September 2011…
The ATO has issued a Decision Impact Statement on the AAT decision in AAT Case [2011] AATA 298, Re The Retirement Village company and FCT. In that case, a taxpayer who purchased a retirement village and paid “Share Of Capital Appreciation Payments” to residents who terminated their leases was successful in arguing before the AAT…
The ATO on Wed 16.5.2012, released a Decision Impact Statement on the Full Federal Court’s decision in Allen (Trustee), in the matter of Allen’s Asphalt Staff Superannuation Fund v FCT [2011] FCAFC 118. That decision upheld an earlier finding that a $2.5m capital gain distributed from a fixed trust to a super fund was “special…
Sent v FCT– Taxpayer appeals to Full Federal Court the decision that bonuses paid into an executive share trust were derived as ordinary income [C3] The taxpayer has appealed to the Full Federal Court against the decision of Murphy J in [2012] FCA 382. The Federal Court had dismissed the taxpayer’s appeal and held that…