The ATO on Wed 23.10.2013, issued the following Product Rulings: PR 2013/17 (AgriWealth 2014 Softwood Timber Project). According to this Ruling, a Grower can claim deductions for specified amounts (eg establishment services fees, etc) when they are paid to the Manager. It applies prospectively from Wed 23.10.2013, the date it was published. PR 2013/18 (Macquarie…
The ATO on Wed 16.10.2013, issued Class Ruling CR 2013/75 (The Imperial Tobacco Australia Limited Voluntary Early Retirement Scheme (VRS)). It applies from Wed 16.10.2013 to 28 February 2014. Broadly, the Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. [LTN 200,…
The ATO on Wed 9.10.2013, issued Class Ruling CR 2013/74 (Early retirement scheme for Griffith University). It applies from Wed 9.10.2013, to 31 December 2013. Broadly, the Ruling states that the early retirement scheme to be implemented is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
[LTN 195, 9/10/13]
This TD, released on Wed 23.10.2013, says that a consolidated special purpose financial report of a head company of a tax consolidated group cannot satisfy clause 1.1 of Sch 2 to the Income Tax Assessment Regulations 1997 where transactions within the same category are translated using inconsistent methodologies. Clause 1.1 of Sch 2 to the Regulations allows…
This TD, issued Wed 23.10.2013, states that when an employer reimburses an amount of expenditure incurred by an employee to a third party, under a salary sacrifice (or similar) arrangement with that employee, where that expenditure is notionally subject to Div 35 of the ITAA 1997, the amount included under s 35-10(2E) is increased when applying the…
This Ruling, released on Wed 23.10.2013, sets out the Commissioner’s views on whether a “once only deduction” arises in calculating the taxable value of an “external expense payment fringe benefit” under s 24 of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) where the expenditure associated with that fringe benefit would be subject to the loss…
The ATO on Wed 16.10.2013, released a Decision Impact Statement on the AAT’s decision in AAT Case [2013] AATA 617, Re S J Buller Pty Ltd and FCT. In that case, the AAT affirmed the Commissioner’s decision to deny a taxpayer wine producer rebates under the WET regime for the March 2010 and June 2010 quarters and impose a 25%…
The ATO on Fri 11.10.2013, released a Decision Impact Statement on the Full Federal Court’s decision in Bell v FCT [2013] FCAFC 32. In that case, the Full Federal Court confirmed that a family trust failed the maximum net asset value test for the purposes of accessing the CGT small business concession in respect of…
The taxpayer has lodged an application for extension of time in which to lodge an appeal [to the Federal Court] against the decision in AAT Case [2013] AATA 612, Re Bai and FCT. In that case, the AAT concluded that the taxpayer’s objections to amended assessments should be allowed in part and specified which deposits…
The taxpayer has lodged a notice of appeal to the Full Federal Court against the decision in SPI PowerNet Pty Ltd v FCT [2013] FCA 924. In that case, the Federal Court found that the imposts under s 163AA of the Electricity Industry Act 1993 (Vic) paid by a taxpayer to the Victorian State Treasurer were…