This Draft TD, issued on Wed 12.3.2014, states that the exemption in s 820-39 of the ITAA 1997 can apply to a special purpose entity (SPE) that seeks finance for a project, which is established as a part of a securitised licence structure, used in some social infrastructure Public Private Partnerships (PPPs). It states this is…
The Tax Office on Wed 26.3.2014, released 4 TDs dealing with FBT rates, thresholds, etc for the 2014-15 FBT year (ie the FBT year commencing on 1 April 2014). TD 2014/3: the indexation factors for valuing non-remote housing are: NSW – 1.037; Vic – 1.020; Qld – 1.022; SA – 1.024; WA – 1.067; Tas – 1.010;…
This Determination, released on Wed 19.3.2014, provides an update of the amounts the Commissioner will accept for 2013-14 as estimates of the value of goods taken from trading stock for private use by taxpayers in certain specified industries. The amounts (which exclude GST) are: Type of Business Adult/Child over 16 years ($) Child 4-16 years…
This Draft Ruling, released on Wed 26.3.2014, deals with the application of s 770-75 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.…
This Draft Ruling, issued on Wed 5.3.2014, outlines the taxation consequences for employers, trustees and employees who participate in employee remuneration trust arrangements (ERT). In particular, it explains how the taxation laws apply, when a contribution is made by an employer to the trustee of an ERT and benefits are paid or provided by the…
This Ruling, released on Wed 12.3.2014, deals with when commercial software developers derive income for the purposes of s 6-5 of the ITAA 1997 from licence agreements, and “hosted” or “cloud” arrangements. Broadly, the Ruling states where an amount properly attributable to a contractual obligation is subject to a “contingency of repayment”, the amount is derived…
The ATO on Mon 31.3.2014, released a Decision Impact Statement on the Federal Court decision in FCT v Barossa Vines Ltd [2014] FCA 20. The Federal Court had imposed civil penalties in relation to 2 mass-marketed viticulture managed investment schemes that were implemented in a way that was “materially different” from the ATO Product Rulings…
The ATO on Thur 27.3.2014, issued a Decision Impact Statement on the Federal Court’s decision in Ultra Thoroughbred Racing Pty Ltd v FCT [2013] FCA 1300. In that case, the Federal Court upheld the action of the applicant, “Ultra Thoroughbred Racing Pty Ltd”, to prevent Racing Victoria Limited from paying money to the Commissioner under…
The ATO has issued a Decision Impact Statement on the AAT’s decision in AAT Case [2013] AATA 947, Re Gutteridge and FCT. In that case, the AAT allowed the appeals of 2 taxpayers (a married couple) and held that the husband alone was the person who controlled the relevant Trust within the meaning of s 328-125(3)…
The taxpayer has appealed to the Full Federal Court against the decision of Kenny J in Taras Nominees Pty Ltd as Trustee for the Burnley Street Trust v FCT [2014] FCA 1. The Federal Court had held that the taxpayer (a trustee of a trust), that owned land and that, in effect, transferred it to a…