The Treasurer announced on Wed 24.10.2012, that the Tax Commissioner, Michael D’Ascenzo will conclude his 7-year term at the end of the year. Mr Swan thanked Mr D’Ascenzo for his contributions to public service and tax administration over the term. Mr Swan said a new Commissioner of Taxation will be appointed and announced “in the…
The ATO has published on its website, updated as at 8 October 2012, details of the tax agent lodgment program for 2012-13 [it was originally released in July 2012]. Points of note include: The due date for lodgment and payment of the December 2012 monthly BAS will be extended from 21 January 2013 to 21…
The ATO has announced details of its proposed data matching program that will request and collect information in relation to payments made to contractors for the 2009-10 to the 2011-12 income years by businesses audited by the ATO employer obligations area. Data will also be collected from businesses being audited by the ATO employer obligations…
The ATO on Wed 31.10.2012, issued the following Class Rulings: Class Ruling CR 2012/98: Whitefield – allotment of convertible resettable preference shares (CRPS). It applies from 9 August 2012 to 30 June 2019. Among other things, the Ruling states that dividends paid the shareholders of the preference shares will be a dividend pursuant to s…
The ATO on Wed 17.10.2012, issued the following Class Rulings: CR 2012/90: demerger of Audeo Oncology, Inc by Alchemia Limited. The Ruling applies to relevant shareholders of Alchemia Limited (Alchemia) and applies from 1 July 2012 to 30 June 2013. The Ruling sets outs CGT and dividend consequences of the proposed demerger. CR 2012/91: return…
The ATO Wed 24.10.2012 issued the following Class Rulings: : Deductibility of CR 2012/94employer contributions to the Australian Construction Industry Redundancy Trust. It applies from 1 July 2012 to 30 June 2018. Broadly, the Ruling states that an employer who makes contributions to the trust can claim a deduction under s 8-1 of the ITAA…
The ATO on Wed 10.10.2012, issued the following Class Rulings: : Class Ruling CR 2012/86FBT: employer clients of Baptist Financial Services Australia who are subject to the provisions of s 57, s 57A or s 65J of the FBTAA and who make use of the BFS Visa Prepaid PayCard facility. It applies from 1 April…
The Tax Office on Wed 3.10.2012, released the following Class Rulings: : FBT: employer contributions to the Class Ruling CR 2012/84Australian Construction Industry Redundancy Trust (ACIRT). The ATO says contributions made by employers to ACIRT under the terms of the Building and Construction General On-site Award 2010 will be exempt benefits under s 58PA of…
This Draft TD, issued Wed 31.10.2012, says where a taxpayer enters into a limited recourse loan (investment loan) which is made under a capital protected borrowing for the purposes of Div 247 of the ITAA 1997 and a full recourse loan (interest loan) is entered into solely to fund an amount of prepaid interest on…
This Draft TD, issued on Wed 24.10.2012, says ordinary income derived by an individual from allowing wind farming infrastructure to be constructed, operated and accessed on freehold land that they own and use in carrying on a primary production business does not constitute “assessable primary production income” of that individual for the purposes of Div…