COMMISSIONER OF TAXATION
The Commissioner of Taxation, Chris Jordan, gives notice of the following Rulings, copies of which can be obtained from http://ato.gov.au/law.
NOTICE OF RULINGS | ||
Ruling Number | Subject | Brief Description |
TR 2018/4 | Income tax: effective life of depreciating assets (applicable from 1 July 2018) | The Ruling sets out the Commissioner’s position on the methodology used by the Commissioner to make a determination of the effective life of depreciating assets under section 40‑100 of the Income Tax Assessment Act 1997. The Ruling applies from 1 July 2018. |
PR 2018/6 | Income tax: deductibility of interest in relation to an investment in a Chan & Naylor Property Investor Trust | The Ruling sets out the Commissioner’s position on the deductibility of interest in relation to an investment in a Chan & Naylor Property Investor Trust. The Product Ruling applies prospectively from 1 July 2017 and applies only to the specified class of entities that enter into the scheme from 1 July 2017 and whose Units in the Trust are allotted on or before 30 June 2020. |
TD 2018/10 | Income tax: value of goods taken from stock for private use for the 2017–18 income year | The Determination sets out the Commissioners position on the value of goods taken from stock for private use for the 2017–18 income year. The Determination applies to the 2017–18 income year. |
LCR 2018/4 | Purchaser’s obligation to pay an amount for GST on taxable supplies of certain real property | The Ruling sets out the Commissioner’s position on GST notification and withholding requirements for vendors and purchasers of residential premises and potential residential land. The Ruling applies from 1 July 2018. |
NOTICE OF ADDENDA | ||
Ruling Number | Subject | Brief Description |
GSTII/10 | Recoveries and adjustment events | The Addendum amends the Goods and Services Tax Industry Issue to reflect the legislative amendments to the A New Tax System (Goods and Services Tax) Act 1999 in relation to the GST treatment of digital currency. The Addendum applies from 1 July 2017. |
GSTII/13 | Insurance excesses - safe harbour arrangements | The Addendum amends the Goods and Services Tax Industry Issue to reflect the legislative amendments to the A New Tax System (Goods and Services Tax) Act 1999 in relation to the GST treatment of digital currency. The Addendum applies from 1 July 2017. |
TR 2005/8 | Income tax: the meaning of particular terms in the Government Service Articles of Australia’s tax treaties | The Addendum amends Taxation Ruling TR 2005/8 to reflect the revised German treaty which came into force on 7 December 2016 and to remove outdated guidance in relation to section 23AG. The Addendum also removes attachments 1 to 4 which are out of date. The Addendum applies from 27 June 2018. |
NOTICE OF WITHDRAWALS | ||
Ruling Number | Subject | Brief Description |
TD 93/100 | Income tax: payment of ‘equipment royalties’ pursuant to a contract entered into prior to 8pm on 18 August 1992 | Withdrawn with effect from 27 June 2018. |
TD 93/196 | Income tax: do payments received by an employee from an employer in respect of motor vehicle expenses incurred by an employee need to be considered when ascertaining the rebate for personal superannuation contributions to which the employee may be entitled under section 159SZ, and the repealed section 159TL, of the Income Tax Assessment Act 1936? | Withdrawn with effect from 27 June 2018. |
TD 94/27 | Income tax: does ‘separate net income’ include the imputation credits attached to franked dividends? | Withdrawn with effect from 27 June 2018. |
TD 94/50 | Income tax: are legal fees and other professional fees incurred in relation to the construction of an infrastructure facility able to be financed by infrastructure borrowings under section 159GZZZZA of the Income Tax Assessment Act 1936? | Withdrawn with effect from 27 June 2018. |
TD 94/79 | Income tax: capital gains: if a post-CGT asset bequeathed to a legal personal representative/beneficiary (LPR/B) is disposed of within 12 months of the LPR/B’s acquisition, in which circumstances is indexation available? | Withdrawn with effect from 27 June 2018. |
TD 2009/20 | Income tax: where the net income of a partnership (determined in accordance with section 90 of the Income Tax Assessment Act 1936) includes Foreign Investment Fund (FIF) income, will an Australian resident taxpayer which is assessable on its share of the net income under section 92 be entitled to a FIF exemption under subsection 519B(2) of that Act for any relevant proportion of their share of the partnership’s net income? | Withdrawn with effect from 27 June 2018. |
TR 93/14 | Income tax: medical expenses rebate - fees paid to a hostel for aged or disabled persons | Withdrawn with effect from 27 June 2018. |
TR 93/34 | Income tax: medical expense rebate - meaning of medical or surgical appliance | Withdrawn with effect from 27 June 2018. |
TR 2017/2 | Income tax: effective life of depreciating assets (applicable from 1 July 2017) | Withdrawn with effect from 1 July 2018. |