COMMISSIONER OF TAXATION
The Commissioner of Taxation, Chris Jordan, gives notice of the following Rulings, copies of which can be obtained from Branches of the Australian Taxation Office or at http://law.ato.gov.au.
NOTICE OF RULINGS |
Ruling Number | Subject | Brief Description |
CR 2013/68 | Income tax: cancellation of shares in Tower Limited | The Ruling sets out the Commissioner’s opinion about ordinary shareholders of TOWER Limited. The Ruling applies from 1 July 2012 to 30 June 2013. |
CR 2013/69 | Income tax: Return of capital: Wesfarmers Limited | The Ruling sets out the Commissioner’s opinion about holders of ordinary shares and/or partially protected ordinary shares in Wesfarmers Limited. The Ruling applies from 1 July 2013 to 30 June 2014. |
CR 2013/70 | Income tax: early retirement scheme – VicForests | The Ruling sets out the Commissioner’s opinion for those employees of VicForests involved in the scheme identified in this Ruling. The Ruling applies from 4 September 2013 to 31 March 2014. |
NOTICE OF ADDENDA |
Ruling Number | Subject | Brief Description |
GSTR 2003/6 | Goods and services tax: transfers of enterprise assets as a result of property distributions under the Family Law Act 1975 or in similar circumstances | The Addendum amends Goods and Services Tax Ruling GSTR 2003/6 to: - reflect the amendments to the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) which were made by Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012. In particular it reflects the amendment that inserted section 9‑17 into the GST Act. Section 9‑17 contains exclusions from the meaning of ‘consideration’ formerly contained in subsection 9‑15(3). Section 9‑17 is now also referred to in the definition of ‘consideration’ as defined by section 195‑1. The amendments apply to payments made on or after 1 July 2012.
- update references to legislation and relevant rulings that have issued since the Ruling was issued.
- update the Date of Effect section of the ruling.
The Addendum applies on and from 1 July 2012. |
GSTR 2006/2 | Goods and services tax: deposits held as security for the performance of an obligation | The Addendum amends Goods and Services Tax Ruling GSTR 2006/2 to: - reflect the amendments to the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) which were made by Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012. In particular it reflects the amendment that inserted section 9‑17 into the GST Act. Section 9‑17 contains exclusions from the meaning of ‘consideration’ formerly contained in subsection 9‑15(3). Section 9‑17 is now also referred to in the definition of ‘consideration’ as defined by section 195‑1. The amendments apply to payments made on or after 1 July 2012.
- update references to legislation and relevant rulings that have issued since the Ruling was issued.
The Addendum applies on and from 1 July 2012. |
GSTR 2009/2 | Goods and services tax: partitioning of land | The Addendum amends Goods and Services Tax Ruling GSTR 2009/2 to: - reflect the amendments to the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) which were made by Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012. In particular it reflects the amendment that inserted section 9‑17 into the GST Act. Section 9‑17 contains exclusions from the meaning of ‘consideration’ formerly contained in subsection 9‑15(3). Section 9‑17 is now also referred to in the definition of ‘consideration’ as defined by section 195‑1. The amendments apply to payments made on or after 1 July 2012.
- update references to legislation and relevant rulings that have issued since the Ruling was issued.
- update the Date of Effect section of the ruling.
The Addendum applies on and from 1 July 2012. |
TR 2005/13 | Income tax: tax deductible gifts – what is a gift | The Addendum amends Taxation Ruling TR 2005/13 to reflect the amendments to the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) which were made by Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012. In particular it reflects the amendment that inserted section 9‑17 into the GST Act. Section 9‑17 contains exclusions from the meaning of ‘consideration’ formerly contained in subsection 9‑15(3). Section 9‑17 is now also referred to in the definition of ‘consideration’ as defined by section 195‑1. The amendments apply to payments made on or after 1 July 2012. The Addendum applies on and from 1 July 2012. |
Overview
The Commissioner of Taxation, Chris Jordan, has issued several rulings and addenda to existing rulings that address various issues related to income tax and goods and services tax (GST). These rulings, which are available for review from branches of the Australian Taxation Office or online, provide the Commissioner's opinion on specific matters. For instance, Ruling CR 2013/68 provides the Commissioner’s opinion regarding ordinary shareholders of Tower Limited, applying from 1 July 2012 to 30 June 2013. Similarly, Ruling CR 2013/69 addresses the tax implications for holders of ordinary shares and/or partially protected ordinary shares in Wesfarmers Limited, effective from 1 July 2013 to 30 June 2014. The rulings aim to provide clarity and guidance on the tax treatment of specific financial arrangements and transactions, ensuring taxpayers understand their obligations and rights under the law.
Scope and Application
The Commissioner of Taxation has issued several rulings that provide clarification on various aspects of Australian tax law. These rulings cover income tax issues, including the cancellation of shares in Tower Limited, the return of capital by Wesfarmers Limited, and the early retirement scheme of VicForests. Each ruling applies to specific time periods and is aimed at addressing tax implications for shareholders and employees in particular companies. Additionally, there are amendments to Goods and Services Tax Rulings and Income Tax Rulings that reflect legislative changes, particularly concerning the definition of ‘consideration’ under the A New Tax System (Goods and Services Tax) Act 1999. These amendments apply from 1 July 2012 onwards and are intended to update the rulings to align with recent legislative amendments and other relevant rulings. The scope of these rulings and amendments is comprehensive, affecting various entities and industries by providing clarity on tax obligations and legislative changes.
Key Provisions
The Commissioner of Taxation has issued several rulings and addenda that provide clarification on various tax matters. The rulings pertain to specific companies and situations, providing the Commissioner's opinion on tax treatment. For example, Ruling CR 2013/68 addresses the tax implications for ordinary shareholders of Tower Limited, while Ruling CR 2013/69 deals with the tax treatment for holders of ordinary shares and partially protected ordinary shares in Wesfarmers Limited. These rulings apply within specific timeframes, such as from 1 July 2012 to 30 June 2013 for CR 2013/68, and from 1 July 2013 to 30 June 2014 for CR 2013/69.
The obligations imposed by these rulings include adhering to the Commissioner's opinion on tax treatment as outlined. Taxpayers must ensure that their financial transactions and tax filings are in line with these rulings. For instance, shareholders of the companies mentioned must be aware of the specific tax implications stated in their respective rulings and apply them accordingly in their tax reporting.
Breaches of these rulings can lead to various consequences. If taxpayers do not comply with the Commissioner's opinion, they may face audits, assessments, and additional taxes. The rulings themselves do not specify penalties, but general tax laws provide for penalties for non-compliance, which can include fines and interest on unpaid taxes. It is crucial for taxpayers to stay informed about these rulings and their obligations to avoid any potential penalties or legal repercussions.