*TA 2014/1 – ATO auditing special purpose trusts used by property developers to argue proceeds are not revenue but capital gains with 50% discount [35]

The ATO on Mon 28.7.2014, issued Taxpayer Alert TA 2014/1 which describes arrangements where property developers use trusts to return the proceeds from property development as capital gains instead of income on revenue account. ATO Deputy Commissioner Tim Dyce said the ATO has “begun auditing property developers who are carrying out activities which conflict with…

PS LA 2011/27 on when ATO view of the law will only be applied prospectively modified after Macquarie Bank case [34]

The ATO on Wed 30.7.2014 released for comment Draft Practice Statement Law Administration PS LA 2011/27 (Matters the Commissioner considers when determining whether the ATO view of the law should only be applied prospectively). The ATO is seeking comments on proposed amendments to the Draft Practice Statement following the Full Federal Court’s decision in Macquarie…

CR 2014/54-56 – Incentive plan; Government bonds; FBT and employee purchase program [29]

The ATO Wed 2.7.2014, released the following Class Rulings: CR 2014/54: Goodman Group Long Term Incentive Plan. It applies from 1 July 2012. The Ruling broadly states that the rights acquired under the scheme are ESS interests acquired under an employee share scheme and Div 83A of the ITAA 1997 will apply to the interests.  CR 2014/55: Australian…