Notice of Rulings and Withdrawal of Rulings 24 April 2024

Administered by Department of the Treasury

Legislation au F2024N00339 In force Notifiable Instrument

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Notice of Rulings and Withdrawal of Rulings 24 April 2024

The Commissioner of Taxation, Rob Heferen, gives notice by notifiable instrument under subsection 358-5(4) of Schedule 1 to the Taxation Administration Act 1953 of the following public rulings, and under subsection 358-20(1) of Schedule 1 to the Taxation Administration Act 1953 of the withdrawal of the following pubic rulings, copies of which can be obtained from ato.gov.au/law

 

NOTICE OF RULINGS

Ruling number

Subject

Brief description

CR 2024/27

Insurance Australia Group Limited – IAG Capital Notes 3

This Ruling sets out the income tax consequences for entities who subscribed for and acquired Insurance Australia Group Limited Capital Notes 3 issued by Insurance Australia Group Limited.

This Ruling applies to investors specified in the Ruling from 1 July 2023 to 30 June 2034.

 

NOTICE OF ADDENDA

Ruling number

Subject

Brief description

TR 2020/1

Income tax:  employees:  deductions for work expenses under section 8-1 of the Income Tax Assessment Act 1997

This Addendum amends Taxation Ruling TR 2020/1 to update the references to TR 98/9 which is now withdrawn.

This Addendum applies from 21 February 2024.

TR 2021/1

Income tax:  when are deductions allowed for employees’ transport expenses?

This Addendum amends Taxation Ruling TR 2021/1 to update the references to TR 98/9 which is now withdrawn.

This Addendum applies from 21 February 2024.

TR 2021/4

Income tax and fringe benefits tax:  employees:

  • accommodation and food and drink expenses
  • travel allowances, and
  • living-away-from-home allowances

This Addendum amends Taxation Ruling TR 2021/4 to update the references to TR 98/9 which is now withdrawn.

This Addendum applies from 21 February 2024.

 

NOTICE OF WTHDRAWALS

Ruling number

Subject

Brief description

TD 93/97

Income tax:  if a taxpayer claims a deduction for self education expenses under section 8-1 of the Income Tax Assessment Act 1997, is the amount of $250 spent, but disallowed as a deduction under section 82A of the Income Tax Assessment Act 1936, excluded from the substantiation provisions?

Taxation Determination TD 93/97 is withdrawn with effect from 25 April 2024.

TD 2018/1

Fringe benefits tax:  for the purposes of section 28 of the Fringe Benefits Tax Assessment Act 1986 what are the indexation factors for valuing non-remote housing for the fringe benefits tax year commencing on 1 April 2018?

Taxation Determination TD 2018/1 is withdrawn with effect from 25 April 2024 as its period of effect has passed.

The Determination will continue to be legally binding on the Commissioner for the relevant period to which it relates.

TD 2018/2

Fringe benefits tax:  what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2018?

Taxation Determination TD 2018/2 is withdrawn with effect from 25 April 2024 as its period of effect has passed.

The Determination will continue to be legally binding on the Commissioner for the relevant period to which it relates.

TD 2018/3

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 2018?

Taxation Determination TD 2018/3 is withdrawn with effect from 25 April 2024 as its period of effect has passed.

The Determination will continue to be legally binding on the Commissioner for the relevant period to which it relates.

TD 2018/4

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 2018?

Taxation Determination TD 2018/4 is withdrawn with effect from 25 April 2024 as its period of effect has passed.

The Determination will continue to be legally binding on the Commissioner for the relevant period to which it relates.

TD 2018/5

Fringe benefits tax:  for the purposes of section 135C of the Fringe Benefits Tax Assessment Act 1986, what is the exemption threshold for the fringe benefits tax year commencing on 1 April 2018?

Taxation Determination TD 2018/5 is withdrawn with effect from 25 April 2024 as its period of effect has passed.

The Determination will continue to be legally binding on the Commissioner for the relevant period to which it relates.

TD 2018/7

Fringe benefits tax:  for the purposes of section 39A of the Fringe Benefits Tax Assessment Act 1986 what is the car parking threshold for the fringe benefits tax year commencing on 1 April 2018?

Taxation Determination TD 2018/7 is withdrawn with effect from 25 April 2024 as its period of effect has passed.

The Determination will continue to be legally binding on the Commissioner for the relevant period to which it relates.

 

Overview

The Taxation Administration Act 1953 was enacted to provide a framework for the administration of taxation laws in Australia, ensuring that tax laws are enforced effectively and efficiently. This Act empowers the Commissioner of Taxation to issue public rulings and withdraw outdated or superseded rulings to assist taxpayers in understanding and complying with tax laws. The notifiable instrument F2024N00339, issued on 24 April 2024, notifies the public of specific rulings and their amendments, as well as the withdrawal of certain outdated rulings. This instrument aims to keep the tax regulations up-to-date and relevant, ensuring taxpayers have access to the most current information. The policy objective of this notifiable instrument is to provide clarity and certainty in the application of tax laws, facilitating compliance and reducing disputes by ensuring taxpayers have the latest guidance from the Commissioner of Taxation.

Scope and Application

The Notifiable instrument F2024N00339 issued by the Commissioner of Taxation, Rob Heferen, pertains to public rulings and their amendments or withdrawals under the Taxation Administration Act 1953. It affects entities and individuals who are subject to the income tax and fringe benefits tax provisions outlined in the Income Tax Assessment Act 1997 and the Fringe Benefits Tax Assessment Act 1986 respectively. This instrument applies across Australia as it is a Commonwealth legislation. It specifies certain rulings that are newly issued or updated to provide clarity on tax implications for specific financial transactions and employee deductions, as well as several rulings that are withdrawn due to the expiration of their effective period. The rulings in question apply to taxpayers from the dates specified within each ruling, ranging from July 2023 to June 2034 for the new rulings, and from 21 February 2024 for the addenda. The withdrawn rulings will cease to be legally binding from 25 April 2024, although they will still apply to transactions that occurred within their effective period.

Key Provisions

The notifiable instrument F2024N00339 issued by the Commissioner of Taxation, Rob Heferen, under the Taxation Administration Act 1953, details the release of certain public rulings and the withdrawal of others. The new public ruling, CR 2024/27, pertains to the income tax consequences for entities that subscribed for and acquired Insurance Australia Group Limited Capital Notes 3, effective from 1 July 2023 to 30 June 2034 (subsection 358-5(4)). Additionally, three taxation rulings have been amended by addenda, namely TR 2020/1, TR 2021/1, and TR 2021/4, which concern income tax deductions for work expenses, transport expenses, and accommodation, food, and drink expenses, respectively. These addenda update references to the withdrawn TR 98/9 and are effective from 21 February 2024 (subsection 358-20(1)). The obligations imposed by this notifiable instrument on the parties it governs are primarily informational and administrative. Entities that subscribed for and acquired Insurance Australia Group Limited Capital Notes 3 must be aware of the specific income tax consequences as outlined in CR 2024/27. Similarly, taxpayers relying on the amended rulings must ensure their practices align with the updated references. The Commissioner's role includes ensuring the rulings and addenda are published and accessible, and that the withdrawn determinations are no longer applied from their effective withdrawal dates. Failure to comply with the provisions of the rulings and addenda may lead to incorrect tax assessments and potential penalties. While specific penalties are not detailed in the notifiable instrument, general tax law provisions would apply, which can include penalties for non-compliance, interest on unpaid taxes, and potential audits. The maximum penalties for serious tax offences can be significant, depending on the nature and extent of the non-compliance. It is essential for taxpayers to adhere to the updated rulings to avoid any adverse tax consequences.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.