TD 2014/9 – FBT: reasonable 2014-15 food and drink amounts for LAFHA recipients [25]

This Determination, released on Wed 16.4.2014, sets out the weekly amounts the Commissioner considers reasonable under s 31G of the FBTAA for food and drink expenses incurred by employees receiving a living-away-from-home allowance (LAFHA) fringe benefit for the 2014-15 FBT year. If the total of an employee’s food or drink expenses exceeds the amount the Commissioner…

*TD 2014/8 – Entitlement to franking credit in head company, when franked distribution made by non-member to a trust that is a subsidiary member [24]

This TD, released on Wed 16.4.2014, provides that a franking credit arises in the franking account of a head company of a consolidated group when a franked distribution is made by an entity that is not a member of the consolidated group to a trust that is a subsidiary member of the consolidated group. However,…

*TD 2007/14 Addendum A3 – CGT: Meaning of “contingent liabilities” for calculation of “net value of CGT assets” following Byrne Hotels case [23]

The Tax Office has on Wed 16.4.2014, issued a 3rd Addendum to Taxation Determination TD 2007/14 (CGT: small business concessions: what “liabilities” are included in the calculation of the ‘net value of the CGT assets” of an entity in the context of s 152-20(1) of the ITAA 1997?). The Addendum, issued as TD 2007/14A3, reflects the…

TD 2007/14 – Adendum A2 – CGT small business concessions: meaning of “liabilities” in calculation of net value of CGT assets [21]

The Tax Office has Tue 15.4.2014 issued a 2nd Addendum to Taxation Determination TD 2007/14 (CGT: small business concessions: what “liabilities” are included in the calculation of the “net value of the CGT assets” of an entity in the context of s 152-20(1) of the ITAA 1997?). The Addendum, issued as TD 2007/14A2, updates the Determination…

*MT 2008/2 Addendum – amend ruling on shortfall penalties for taking a position that is not reasonably arguable deemed for transfer pricing [20]

The ATO on Wed 16.4.2014, issued an Addendum to Ruling MT 2008/2 (Shortfall penalties: administrative penalty for taking a position that is not reasonably arguable) to reflect amendments to the TAA contained in the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Act 2013 (Amendment Act). The Amendment Act inserted Subdiv 284-E, which provides…