The ATO on Wed 12.2.2014, released the following Class Rulings:
- CR 2014/16: Downer EDI Limited Long Term Incentive Plan. It applies from 1 July 2013. Broadly, the Ruling states that the rights acquired under the plan are ESS interests for the purposes of s 83A-340 of the ITAA 1997 and that no amount will be included in the participant’s assessable income in relation to the rights until the deferred taxing point occurs.
- CR 2014/17: Queensland University of Technology – Early Retirement Scheme 2014. It applies from 12 February 2014 to 12 February 2015. The Ruling states that the early retirement scheme to be implemented by the Queensland University of Technology is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
- CR 2014/18: Bradken Limited early retirement scheme. It applies from 12 February 2014 to 31 July 2014. The Ruling states that the early retirement scheme to be implemented by Bradken Ltd is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997.
- CR 2014/19: Foreign income tax offset – Brazilian tax paid on employment income by Vale S.A. employees. It applies from 1 July 2011. The Ruling states that persons employed by Vale S.A. in Brazil who are subsequently sent to Australia on assignment will be entitled to a tax offset for the income year under s 770-10(1) of the ITAA 1997.
- CR 2014/20: NSW Ageing, Disability and Home Care, Department of Family and Community Services (FACS), Direct Payment Agreement (DPA). It applies from 1 January 2014. The Ruling states that the payments received under the DPA are not ordinary income and do not form part of a participant’s assessable income under s 6-5 of the ITAA 1997.
- CR 2014/21: Education and Training Grant payments provided by the Australian Cricketers Association (ACA). It applies from 1 July 2013. The Ruling states that amounts received under the education and training program are not assessable as either ordinary income under s 6-5 or statutory income under 15-2 of the ITAA 1997.
[LTN 28, 12/2/14]