*Re Rod Mathiesen Truck Hire Pty Ltd as trustee for the Mathiesen Family Trust – GST: consideration re property sale received at settlement [60]

In a decision handed down on Mon 15.7.2013, the AAT has held that, for the purposes of the GST Act, all of the consideration in relation to the sale of a property was received by the taxpayer at the time of settlement on 16 May 2008. The case concerned the liability of the taxpayer Trust for GST…

TD 2013/D6 – Mining expenditure to protect aboriginal cultural heritage can be included in an entity’s pre-mining expenditure for a pre-mining project interest [68]

This Draft Taxation Determination, issued on Wed 31.7.2013, states that an amount of expenditure incurred by an entity to identify or protect Aboriginal cultural heritage can be included in an entity’s pre-mining expenditure for a pre-mining project interest for an MRRT year under s 70-35 of the Mineral Resource Rent Tax Act 2012 if broadly: the…

*Monthly PAYG installments for large corporate tax entities to commence from 1 January 2014 – ATO action [57]

Amendments contained in the Tax Laws Amendment (2013 Measures No 2) Act 2013 require that, from 1 January 2014, corporate tax entities (including companies, corporate limited partnerships, corporate unit trusts or public trading trusts defined in s 960-115 of the ITAA 1997) who have base assessment installment income over a $1bn threshold will need to start paying monthly…

TD 2013/16 – Reasonable travel and meal allowance amounts for 2013-14 [50]

This Determination, released on Wed 3.7.2013, sets out the amounts the Commissioner considers are reasonable for the 2013-14 income year in relation to claims made for: overtime meal allowance expenses – the amount is $27.70; domestic travel allowance expenses. The reasonable amounts are given for: (i) accommodation at daily rates (for domestic travel only); (ii)…

CR 2013/48-50 – Exchange of shares; capital reallocation; early retirement [52]

The ATO on Wed 3.7.2013, released the following Class Rulings: CR 2013/48: Exchange of shares in Bathurst Resources Limited for shares in NZ NewCo. It applies from 1 July 2012 to 30 June 2014. Broadly, the Ruling states that participating shareholders will be eligible to choose roll-over relief in relation to the exchange of shares to disregard any capital…