Notice of Rulings, Notice of Addendum, Notice of Withdrawal, Notice of Partial Withdrawal

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
TD 2015/12	Fringe benefits tax: when are the duties of the employment of an employee of an employer who is a government body exclusively performed in, or in connection with, a public hospital or a hospital carried on by a society or association that is a rebatable employer?	The Determination sets out the Commissioner’s position on Fringe Benefits Tax for government body employers and employees. The Determination applies to years of income commencing both before and after its date of issue.
TR 2015/2	Income tax: effective life of depreciating assets (applicable from 1 July 2015)	The Ruling sets out the Commissioner’s position on the effective life of depreciating assets for the 2015-16 income year. The Ruling applies from 1 July 2015.
CR 2015/41	Income tax: return of capital: GWA Group Limited	The Ruling sets out the Commissioner’s position for holders of ordinary shares in GWA Group Limited. The Ruling applies from 1 July 2014 to 30 June 2015.
CR 2015/42	Income tax: returns of capital: IPE Limited	The Ruling sets out the Commissioner’s position for holders of ordinary shares in IPE Limited. The Ruling applies from 1 July 2014 to 30 June 2015.
CR 2015/43	Income tax: Bendigo and Adelaide Bank Limited – allotment of convertible preference shares 3	The Ruling sets out the Commissioner’s position for investors who acquired Convertible Preference Shares 3 in Bendigo and Adelaide Bank Limited. The Ruling applies from 1 July 2014 to 30 June 2024.
PR 2015/8	Income tax: tax consequences for a Nominee Investor in the Australian Securities Property Fund	The Ruling sets out the Commissioner’s position for those that invest in the Australian Securities Property Fund offered by Australian Securities Limited. The Product Ruling applies prospectively from 1 July 2014.

NOTICE OF ADDENDUM
MT 2009/1	Miscellaneous taxes: notification requirements for an entity under section 105-55 of Schedule 1 to the Taxation Administration Act 1953	The Addendum amends Miscellaneous Taxation Ruling MT 2009/1 to reflect the recent decision of the Administrative Appeals Tribunal in North Sydney Developments Pty Ltd v. Federal Commissioner of Taxation [2014] AATA 363 in relation to notification requirements under section 105-55 in Schedule 1 to the Taxation Administration Act 1953. The Addendum applies on and from the date of issue.

NOTICE OF ADDENDUM

Ruling Number

Subject

Brief Description

MT 2009/1

Miscellaneous taxes: notification requirements for an entity under section 105-55 of Schedule 1 to the Taxation Administration Act 1953

The Addendum amends Miscellaneous Taxation Ruling MT 2009/1 to reflect the recent decision of the Administrative Appeals Tribunal in North Sydney Developments Pty Ltd v. Federal Commissioner of Taxation [2014] AATA 363 in relation to notification requirements under section 105-55 in Schedule 1 to the Taxation Administration Act 1953.

The Addendum applies on and from the date of issue.

NOTICE OF WITHDRAWAL
Ruling Number	Subject	Brief Description
TR 2014/4	Income tax: effective life of depreciating assets (applicable from 1 July 2014)	Taxation Ruling TR 2014/4 is withdrawn with effect from 1 July 2015.

NOTICE OF PARTIAL WITHDRAWAL
TR 2014/7	Income tax: foreign currency hedging transactions - applying the foreign income tax offset limit under section 770-75 of the Income Tax Assessment Act 1997 and determining the source of foreign currency hedging gains	The Partial Withdrawal updates TR 2014/7 to remove the references to how the source of a foreign currency hedging gain is determined. The Commissioner’s view is that, while source is always a practical matter of fact, the place where the hedge contract is formed is likely to be the most important factor in determining source for such gains. Subject to express or implied terms to the contrary, the place where the contract is formed will be the place where the acceptance is communicated to. Industry has advised the Commissioner that the administrative approach set out in paragraphs 13 and 14 of the original ruling has been understood as being an interpretative view, rather than an alternative administrative approach, and has raised a number of concerns in relation to the administrative approach. As a consequence, the parts of the Ruling addressing source have been removed. Further industry consultation on the alternative administrative approach is being conducted. The Partial Withdrawal applies on and from 1 July 2015.

NOTICE OF PARTIAL WITHDRAWAL

Ruling Number

Subject

Brief Description

TR 2014/7

Income tax: foreign currency hedging transactions - applying the foreign income tax offset limit under section 770-75 of the Income Tax Assessment Act 1997 and determining the source of foreign currency hedging gains

The Partial Withdrawal updates TR 2014/7 to remove the references to how the source of a foreign currency hedging gain is determined. The Commissioner’s view is that, while source is always a practical matter of fact, the place where the hedge contract is formed is likely to be the most important factor in determining source for such gains. Subject to express or implied terms to the contrary, the place where the contract is formed will be the place where the acceptance is communicated to. Industry has advised the Commissioner that the administrative approach set out in paragraphs 13 and 14 of the original ruling has been understood as being an interpretative view, rather than an alternative administrative approach, and has raised a number of concerns in relation to the administrative approach. As a consequence, the parts of the Ruling addressing source have been removed. Further industry consultation on the alternative administrative approach is being conducted.

The Partial Withdrawal applies on and from 1 July 2015.

Administered by Department of the Treasury