The ATO on Thur 5.7.2012, released Draft Practice Statement PS LA 3582 (Exercise of the Commissioner’s discretion under s 8AAZLGA of the TAA to retain an amount that would otherwise be refunded). It provides guidance to tax officers on when it is reasonable to exercise the Commissioner’s discretion to delay a refund amount pending verification…
The ATO Wed 25.7.2012, issued Class Ruling CR 2012/55 (Master of Veterinary Studies/Master of Veterinary Clinical Studies (University of Sydney)). It applies from 1 July 2012. Broadly, the Ruling states the fortnightly stipend payments to the students undertaking the studies would be ordinary income under s 6-5(1) of the ITAA 1997, however, these payments are…
The ATO on Wed 18.7.2012, issued Product Ruling PR 2012/25 (Beazley Sports Consortium 9476 – Professional Sports Person Personal Accident & Illness Insurance). The Ruling provides that a Temporary Total Disablement Benefit received by the Insured in the event of their Temporary Total Disablement will be included in the assessable income of the Insured under…
The ATO on Wed 18.7.2012, issued the following Class Rulings: CR 2012/53 (Ludowici Limited Scheme of Arrangement and payment of Final Ordinary Dividend and Special Dividend). It applies from 1 July 2011 to 30 June 2013. CR 2012/54 (Scheme of arrangement – merger of Gloucester Coal Limited and Yancoal Australia Limited). It applies from 27…
The ATO on Wed 11.7.2012, issued the following Class Rulings: : Royal Bank of Scotland Group plc adjustment to employee share schemes due to sub-division and consolidation of ordinary share capital. It applies from 1 July 2011 to 30 June 2014 and states that an CR 2012/49adjustment made to conditional awards or options issued under…
This TD, issued Wed 18.7.2012, provides that a non-share equity interest will be taken to have been “issued at or through a permanent establishment” for the purposes of s215-10(1)(c) of the ITAA 1997 where the capital raising is a transaction “of” the business carried on by an authorised deposit-taking institution (ADI) at or through the…
This TD, issued on Wed 11.7.2012, provides the Commissioner’s views as to whether a New Zealand citizen who was present in Australia on a Special Category Visa but departs Australia, still holds a temporary visa for the purposes of para (a) of the definition of “temporary resident” contained in s 995-1(1) of the ITAA 1997.…
The ATO on Tue 10.7.2012, issued Decision Impact Statements on Clark v FCT [2010] FCA 415, FCT v Clark (No 2) [2011] FCAFC 140, and International All Sports Ltd & Anor v FCT [2011] FCA 1027. The cases all concerned offers of compromise under Order 23 of the Federal Court Rules (FCR) and Calderbank Offers.…
This Draft Ruling, released on Wed 25.7.2012, sets out the Commissioner’s views as to when the interest in a company will be taken to be an interest that is held by a public unit trust that is a connected entity of the company for the purposes of para 974-80(1) of the ITAA 1997. The Draft…
The ATO Fri 6.7.2012, released a Decision Impact Statement of the decision in AAT Case [2012] AATA 265, Re Lake Fox Limited and FCT. In that case, the AAT held that payments for private health insurance provided to employees by a taxpayer were not exempt benefits as the expenditure was not “in respect of” work-related…