The ATO on Fri 12.12.2014 released the following IDs: ATO ID 2014/37: Capital Allowances: capital works – construction expenditure – costs to build temporary roads and restoration costs; ATO ID 2014/38: Capital Works: undeducted construction expenditure – period where no capital works deduction is available; ATO ID 2014/39: Income Tax: non-arm’s length income – related…
The ATO on Wed 17.12.2014, issued the following Class Rulings: CR 2014/103: Return of capital: Altona Mining Limited; CR 2014/104: Transfer of assets from Caledonia Australia Trust to Caledonia Australia No 2 Trust; CR 2014/105: Transfer of assets from Caledonia Global Investment Trust to Caledonia Global Investment No 2 Trust; CR 2014/106: Transfer of assets…
The ATO on Wed 10.12.2014, issued the following Class Rulings: CR 2014/98: Ardent Leisure Group (ALG) Capital Reallocation; CR 2014/99: Demerger of Jacana Minerals Limited by Syrah Resources Limited; CR 2014/100: The University of Western Australia 2014-15 Voluntary Early Retirement Scheme; and CR 2014/101: Unit for unit roll over: exchange of retail units in LHP Diversified…
The ATO on Wed 3.12.2014, issued Class Ruling CR 2014/97 re: Wotif.com Holdings Limited Scheme of Arrangement and Payment of Special Dividend. [LTN 234, 3/12/14]
This Draft Determination, which was issued on Wed 17.12.2014, states that the fact a company has issued a debt interest to a listed property trust within the same stapled property group will not of itself be sufficient to form a conclusion under para 974-80(1)(d) of the ITAA 1997 that there is a scheme, or a…
The ATO on 17.12.2014, released Taxation Determinations TD 2014/22, TD 2014/23 & TR 2014/24 on the consolidation changes introduced by Pt 4 Sch 3 of the Tax Laws Amendment (2012 Measures No 2) Act 2012 (rights to future income (RTFI) and residual tax cost setting rules), which are relevant in ascertaining whether the pre-rules, interim rules, or prospective rules…
The ATO on Wed 17.12.2014, issued the following Taxation Determinations: TD 2014/25 – It states that Bitcoin is not a “foreign currency” for the purposes of Div 775 of the ITAA 1997. TD 2014/26 – It says that Bitcoin is a “CGT asset” for the purposes of s 108-5(1) of the ITAA 1997. TD 2014/27 – It indicates that when held for the purpose…
This TD issued on Wed 3.12.2014, states that where a right to acquire a beneficial interest in a share is granted subject to shareholder approval and an employee acquires only a right to have the matter put to the shareholders and nothing more, that right is not an “indeterminate right” within the meaning of s 83A-340(1)…
This Ruling, released on Wed 17.12.2014, sets out the Commissioner’s views on the transfer pricing documentation an entity should have kept in order to meet the requirements of Subdiv 284-E to the Taxation Administration Act 1953. An undocumented transfer pricing treatment, if ultimately found to be incorrect, is taken to be not reasonably arguable, and…
This Ruling, released on Wed 10.12.2014, deals with the application of s770-75 of the ITAA 1997 (foreign income tax offset (FITO) limit) to an Australian resident taxpayer deriving gains and losses from foreign currency hedging transactions undertaken to mitigate the foreign currency fluctuation risk attached to the market value of a portfolio of assets. Broadly,…