AUSTRAC on Tue 3.6.2014, released analysis of funds flows between Australia and 13 tax secrecy jurisdictions. According to AUSTRAC, one of the effectiveness measures for Project Wickenby is decreased funds flows to, and increased funds flows from, the 13 tax secrecy jurisdictions of interest to the task force. Key findings reported by AUSTRAC are as…
The ATO Wed 25.6.2014, issued Product Ruling PR 2014/12 (AIL Almond Grower Project – Swan Hill 2007 Growers (to 15 June 2007) – financial years ending 30 June 2013 and 30 June 2014). It applies to growers that enter into the scheme between 18 October 2006 and 15 June 2007. Among other things, the Ruling states that provided the activities are carried out as described…
The ATO, on Wed 4.6.2014, issued the following Product Rulings: PR 2014/9: Tax consequences of investing in the UBS Structured Option and Loan Facility. It applies to entities that enter into the scheme from Wed 4.6.2014 until 30 June 2017. Among other things, the Ruling states that where the investor has an principal loan and does not…
The ATO on Wed 25.6.2014, released the following Class Rulings: CR 2014/50: Proposed return of share capital: IPE Limited. It applies from 1 July 2013 to 30 June 2015. Among other things, the Ruling states that the proposed return of capital will not be a dividend as defined in s 6(1) of the ITAA 1936. CR 2014/51: Nyrstar Port Pirie…
The ATO on Wed 18.6.2014, issued Class Ruling CR 2014/49 (Payments made under the Education and Training Grant Program provided by the Rugby Union Players’ Association). It applies from 1 April 2013. Broadly, the Ruling states that amounts received under the program are not assessable under either ss 6-5 or 15-2 of the ITAA 1997. [LTN 115,…
The ATO on Wed 11.6.2014, issued the following Class Rulings: CR 2014/47: Self purchasing of services for assessed treatment and care needs in the NSW Lifetime Care and Support Scheme. It applies from 25 June 2012. Broadly, the Ruling states that payments received by a participant in the scheme are not included in their assessable income under…
The ATO on Wed 4.6.2014, issued Class Ruling CR 2014/46 (Westpac Banking Corporation – Westpac Capital Notes 2). It applies from 1 July 2013 to 30 June 2025. Broadly, the Ruling states that under item 2 of the table in s 109-10 of the ITAA 1997, a holder will acquire their capital notes on 23 June 2014, being the date the contract…
The ATO on Wed 18.6.2014, released Luxury Car Tax Determination LCTD 2014/2 which states that the luxury car tax threshold for the 2014-15 financial year is $61,884. The Determination also states that the fuel-efficient car limit for the 2013-14 financial year remains at $75,375. DATE OF EFFECT: Applies to the financial year commencing 1 July 2014. [LTN…
The ATO on Wed 25.6.2014, released Taxation Determination TD 2014/17 which states that the car limit for the 2014-15 financial year is $57,466. The car limit is used to work out decline in value deductions of certain cars under the income tax law. [LTN 120, 25/6/14]
This TD, released on Wed 25.6.2014, specifies for the purposes of s 108-85 of the ITAA 1997, that the CGT improvement threshold for the 2014-15 income year is id=”mce_marker”40,443. [LTN 120, 25/6/14]