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 |
TR 2013/7 | Income tax: foreign employment income: interpretation of subsection 23AG(1AA) of the Income Tax Assessment Act 1936. | The Ruling sets out the Commissioner's views on the interpretation of aspects of subsection 23AG(1AA) of the Income Tax Assessment Act 1936. The Ruling applies to years of income commencing both before and after its date of issue. |
CR 2013/91 | Income tax: treatment of transfer payments to employees of Macquarie Generation following the sale of business to a private sector entity | The Ruling sets out the Commissioner’s view for all business sale divisions employees of Macquarie Generation. The Ruling applies from the issue date of this ruling to 30 June 2014. |
CR 2013/92 | Income tax: the Toorak College early retirement scheme | The Ruling sets out the Commissioner’s view for employees of the Toorak College. The Ruling applies from 27 November 2013 to 30 June 2014. |
CR 2013/93 | Income tax: National Australia Bank Limited – issue of convertible preference shares II | The Ruling sets out the Commissioner’s view for investors who will be allotted preference shares issued by National Australia Bank Limited called convertible preference shares II. The Ruling applies from 17 December 2013 to 30 June 2023. |
CR 2013/94 | Income tax: CSG Limited – further return of capital | The Ruling sets out the Commissioner’s view for shareholders of CSG Limited. The Ruling applies from 19 November 2013 to 30 June 2014. |
NOTICE OF ADDENDUM |
Ruling Number | Subject | Brief Description |
CR 2013/74 | Income tax: early retirement scheme for Griffith University | The Addendum amends Class Ruling CR 2013/74 to reflect a variation to extend the time period for eligible employees to express an interest in the early retirement scheme and the time period for when an offer will be made. The Addendum applies on and from 9 October 2013. |
NOTICE OF WITHDRAWAL |
Ruling Number | Subject | Brief Description |
TD 2013/14 | Income tax: what is the meaning of 'deployment' in paragraph 23AG(1AA)(d) of the Income Tax Assessment Act 1936? | Taxation Determination TD 2013/14 is withdrawn with effect 27 November 2013. |
NOTICE OF ERRATUM |
Ruling Number | Subject | Brief Description |
PR 2013/17 | Income tax: AgriWealth 2014 Softwood Timber Project | The Erratum corrects Product Ruling PR 2013/17 to correct minor typographical errors. The Erratum applies on and from 23 October 2013. |
Overview
The Commissioner of Taxation, Chris Jordan, has published a set of Rulings and related notices under the Income Tax Assessment Act 1936. These Rulings address specific issues concerning the interpretation and application of the Act, impacting various groups such as employees of Macquarie Generation, Toorak College, and National Australia Bank Limited, as well as shareholders of CSG Limited. They aim to provide clarity and guidance to taxpayers in relation to income tax matters, ensuring compliance with the legislative framework. The notices also include an Addendum extending the eligibility period for the early retirement scheme at Griffith University, a withdrawal of a previous Taxation Determination, and an Erratum correcting a Product Ruling. These documents collectively serve to inform taxpayers and practitioners of the Commissioner's views and any changes to existing rulings, effective from the dates specified in each notice.
Scope and Application
The Commissioner of Taxation has issued several rulings and notices that provide clarification on various aspects of income tax, affecting different entities and individuals. TR 2013/7 interprets subsection 23AG(1AA) of the Income Tax Assessment Act 1936, and applies to taxpayers for years of income beginning both before and after its issuance. CR 2013/91 and CR 2013/92 provide specific interpretations for employees of Macquarie Generation and Toorak College respectively, relating to business sale and early retirement schemes, and apply from the issue date to 30 June 2014. CR 2013/93 and CR 2013/94 focus on the tax treatment for investors in National Australia Bank Limited’s convertible preference shares II and shareholders of CSG Limited, with application periods from 17 December 2013 to 30 June 2023 and from 19 November 2013 to 30 June 2014 respectively. CR 2013/74, through its addendum, extends the eligibility period for Griffith University's early retirement scheme, applying from 9 October 2013. Meanwhile, Taxation Determination TD 2013/14 is withdrawn from 27 November 2013, and Product Ruling PR 2013/17 is corrected for minor typographical errors, effective from 23 October 2013. These rulings and notices collectively aim to guide taxpayers on their obligations under the Income Tax Assessment Act 1936.
Key Provisions
The Gazette C2013G01755 outlines several tax rulings, addenda, and an erratum that provide guidance on various tax matters. Firstly, TR 2013/7 (paragraph 1) provides the Commissioner's interpretation of subsection 23AG(1AA) of the Income Tax Assessment Act 1936, which applies to income years starting before and after the ruling's issuance. CR 2013/91 (paragraph 2) addresses the tax treatment of transfer payments to Macquarie Generation employees following the sale of their business to a private sector entity, effective from the ruling's issue date to 30 June 2014. Similarly, CR 2013/92 (paragraph 3) explains the tax implications for Toorak College employees under their early retirement scheme, applicable from 27 November 2013 to 30 June 2014. CR 2013/93 (paragraph 4) outlines the tax treatment for investors in National Australia Bank Limited's convertible preference shares II, effective from 17 December 2013 to 30 June 2023. Lastly, CR 2013/94 (paragraph 5) deals with the tax implications for CSG Limited shareholders concerning a further return of capital, effective from 19 November 2013 to 30 June 2014.
The rulings impose specific obligations on taxpayers, such as adhering to the interpretation of tax provisions as outlined by the Commissioner. For example, taxpayers must follow the guidance provided in TR 2013/7 for foreign employment income. In the case of CR 2013/91 to CR 2013/94, employees and investors must ensure their tax filings and arrangements comply with the specific provisions outlined in each ruling for the designated periods. Additionally, the Addendum CR 2013/74 (paragraph 6) extends the time periods for Griffith University employees to express interest in and receive offers under the early retirement scheme, which must be adhered to from 9 October 2013.
There are no explicit mentions of offences, penalties, or consequences for breaches in the Gazette. However, non-compliance with these rulings may result in the Commissioner reassessing the taxpayer's income, potentially leading to additional taxes, penalties, and interest. Taxpayers should ensure they follow the rulings closely to avoid any reassessment or adverse tax consequences. The erratum PR 2013/17 (paragraph 8) corrects minor typographical errors in the Product Ruling PR 2013/17, ensuring taxpayers have accurate information to comply with tax obligations effectively from 23 October 2013.