Notice of Rulings 30 March 2022
The Commissioner of Taxation, Chris Jordan, gives notice by notifiable instrument under subsection 358-5(4) of Schedule 1 to the Taxation Administration Act 1953 of the following public rulings, copies of which can be obtained from ato.gov.au/law
NOTICE OF RULINGS | ||
Ruling number | Subject | Brief description |
CR 2022/29 | NPP Australia Limited – scrip for scrip roll‑over | This Ruling sets out the income tax consequences for Australian-resident holders of redeemable preference shares in NPP Australia Limited in relation to the acquisition of those shares by Australian Payments Plus Ltd. This Ruling applies from 1 July 2021 to 30 June 2022. |
CR 2022/30 | BPAY Group Holding Pty Ltd – scrip for scrip roll‑over | This Ruling sets out the income tax consequences for Australian-resident holders of ordinary shares in BPAY Group Holding Pty Ltd in relation to the acquisition of those shares by Australian Payments Plus Ltd. This Ruling applies from 1 July 2021 to 30 June 2022. |
CR 2022/31 | Swick Mining Services Ltd – in specie distribution of Orexplore Technologies Limited shares | This Ruling sets out the income tax consequences of the in specie distribution of Orexplore Technologies Limited shares issued to Swick Mining Services Ltd shareholders on 7 January 2022. This Ruling applies from 1 July 2021 to 30 June 2022. |
CR 2022/32 | Victorian Department of Health – early retirement scheme 2022–2023 | This Ruling sets out the income tax consequences of an early retirement scheme implemented by the Victorian Department of Health. This Ruling applies from 31 March 2022 to 30 June 2023. |
CR 2022/33 | Magmatic Resources Limited – return of capital by distribution of shares in Australian Gold and Copper Ltd | This Ruling sets out the income tax consequences of the reduction of share capital by Magmatic Resources Limited which was satisfied by the transfer of shares in Australian Gold and Copper Ltd to Magmatic Resources Limited shareholders on 31 December 2020. This Ruling applies from 1 July 2020 to 30 June 2021. |
Ruling number | Subject | Brief description |
PR 2022/3 | AIA Australia Limited – Priority Protection – income protection insurance cover | This Ruling sets out the tax outcomes for the defined class of entities in relation to certain benefits under an Ordinary Income Protection Plan issued by AIA Australia Limited. This Ruling applies to entities that enter into the defined scheme from 1 July 2021 until 30 June 2024. |
TD 2022/2 | Fringe benefits tax: reasonable amounts under section 31G of the Fringe Benefits Tax Assessment Act 1986 for food and drink expenses incurred by employees receiving a living away from home allowance fringe benefit for the fringe benefits tax year commencing on 1 April 2022 | This Ruling sets out the amounts that the Commissioner considers reasonable, under section 31G of the Fringe Benefits Tax Assessment Act 1986, for food and drink expenses incurred by employees receiving a living-away-from-home allowance fringe benefit for the fringe benefits tax year commencing on 1 April 2022. This Ruling applies from 1 April 2022 to 31 March 2023. |
TD 2022/3 | Fringe benefits tax: what are the rates to be applied on a cents per kilometre basis for calculating the taxable value of a fringe benefit arising from the private use of a motor vehicle other than a car for the fringe benefits tax year commencing on 1 April 2022? | This Ruling sets the rates to be applied on a cents per kilometre basis for calculating the taxable value of a fringe benefit arising from the private use of a motor vehicle other than a car for the fringe benefits tax year commencing on 1 April 2022. This Ruling applies from 1 April 2022 to 31 March 2023. |
NOTICE OF ADDENDA | ||
Ruling number | Subject | Brief description |
LCR 2016/12 | Superannuation reform: total superannuation balance | This Ruling has been amended to reflect changes arising from the Treasury Laws Amendment (Self Managed Superannuation Funds) Act 2021. This Addendum applies from 1 July 2021. |
TR 93/25 | Income tax: assessability of proceeds from illegal activities, treatment of amounts recovered and deductibility of fines and penalties. | This Ruling has been amended to take into account developments in the law since it was issued. The Ruling confirms that income from illegal activities that is gained by an entity directly in pursuit of its own income‑producing activities is assessable and that deductions are generally allowable for payments of restitution and repayments if they are connected to the gaining or producing of illegal income at the time they are incurred. This Addendum applies from 15 December 2021. |