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 |
CR 2019/22 | Income tax: National Australia Bank Limited – issue of NAB Capital Notes 3 | This Ruling provides the tax outcomes for identified investors who were issued NAB Capital Notes 3 by National Australia Bank Limited (NAB). The Ruling applies from 1 July 2018. |
TD 2019/3 | 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 2019? | This Determination provides the rates to be applied on a cents per kilometre basis for calculating the taxable value for of a fringe benefit arising from the private use of a motor vehicle other than a car fringe benefits tax year commencing 1 April 2019. |
TD 2019/4 | 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 2019? | This Determination provides the exemption threshold for the purposes of section 135C of the Fringe Benefits Tax Assessment Act 1986 for the fringe benefits tax year commencing 1 April 2019. |
TD 2019/5 | 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 2019? | This Determination provides the indexation factors for valuing non-remote housing for the the purposes of section 28 of the Fringe Benefits Tax Assessment Act 1986 for the fringe benefits tax year commencing 1 April 2019. |
TD 2019/6 | Fringe benefits tax: what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2019? | This Determination provides the benchmark interest rate to be used for the fringe benefits tax year commencing 1 April 2019. |
TD 2019/7 | 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 2019 | This Determination sets out the amounts that the Commissioner considers reasonable under section 31G of the Fringe Benefits Tax Assessment Act 1986 (FBTAA) 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 2019. |
NOTICE OF ADDENDA |
Ruling Number | Subject | Brief description |
GSTD 2001/1 | GST: what is the GST treatment of the administration levy paid by parents and carers to a Family Day Care Scheme and Child Care Benefits (CCB) paid to carers by a Family Day Care Scheme on behalf of parents? | The Addendum amends Goods and Services Tax Determination GSTD 2001/1 to reflect consequential amendments made to the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) by the Family Assistance Legislation Amendment (Jobs for Family Child Care Package) Act 2017 No. 22, 2017 which is an Act to amend the law, relating to family assistance, child care and other related purposes. The Addendum applies on and from 2 July 2018. |
PR 2018/10 | Income tax and goods and services tax: tax consequences for a Participant in an urBau joint venture project | The Addendum amends Product Ruling PR 2018/10 to reflect changes made to the Joint Venture Deed. |
NOTICE OF WITHDRAWALS |
Ruling Number | Subject | Brief description |
TR 92/14 | Income tax: taxation privileges and immunities of prescribed International Organisations and their staff | TR 92/14 is withdrawn with effect from 27 March 2019. |
TD 92/153 | Income tax: who is a 'person who holds an office' as specified in various regulations made under the International Organisations (Privileges and Immunities) Act 1963? | TD 92/153 is withdrawn with effect from 27 March 2019. |
Overview
The Australian Taxation Office (ATO) has published a series of rulings, determinations, and amendments under various legislative instruments to provide clarity and guidance on tax matters for the fiscal year commencing on 1 April 2019. These rulings address specific tax issues, including the tax treatment of fringe benefits, the rates and thresholds for calculating taxable values, and the indexation factors for valuing non-remote housing. The objective of these rulings is to ensure taxpayers have the necessary information to comply with their tax obligations accurately and timely. The rulings are applicable from various dates, with some taking effect from 1 July 2018 and others from 1 April 2019. These notices provide essential updates to the tax landscape and are instrumental in helping taxpayers navigate their tax responsibilities effectively.
Scope and Application
The notices published by the Commissioner of Taxation detail various rulings, determinations, and addendums that apply to specific tax scenarios and legislative changes. These rulings and determinations apply to entities and individuals involved in particular transactions or industries, such as the National Australia Bank Limited issuing NAB Capital Notes 3 or entities involved in fringe benefits tax calculations. The rulings are applicable from the dates specified, ranging from 1 July 2018 to 1 April 2019. The geographic reach of these rulings is the Commonwealth of Australia, impacting taxpayers across the nation. Exclusions or exemptions are not explicitly detailed in the notices, but the rulings are designed to provide clarity and guidance on specific tax issues. Some of the rulings may be extended or restricted through subordinate instruments, but this is not specified in the notices. The rulings and determinations are intended to assist taxpayers in understanding their tax obligations and provide certainty in applying the relevant tax laws.
Key Provisions
The Commissioner of Taxation has issued a series of rulings, determinations, and amendments that pertain to various aspects of income tax, fringe benefits tax, and goods and services tax (GST). The main sections of these documents provide specific tax outcomes and rates for particular situations, beginning from July 1, 2018, and April 1, 2019. For instance, Ruling CR 2019/22 (paragraph 1) outlines the tax implications for investors who were issued NAB Capital Notes 3 by National Australia Bank Limited (NAB). Determinations TD 2019/3 to TD 2019/7 (paragraphs 2-6) detail the rates and thresholds for calculating the taxable value of fringe benefits, such as private use of motor vehicles, exemption thresholds, non-remote housing indexation factors, and benchmark interest rates for the 2019 fringe benefits tax year. Furthermore, GSTD 2001/1 (paragraph 7) and PR 2018/10 (paragraph 8) provide guidance on the GST treatment of specific levies and tax consequences for participants in an urBau joint venture project, respectively.
These rulings, determinations, and amendments impose specific obligations and requirements on taxpayers, businesses, and other entities they govern. For example, businesses and individuals must comply with the specified rates and thresholds for fringe benefits tax calculations, as outlined in TD 2019/3 to TD 2019/7 (paragraphs 2-6). Similarly, entities involved in the urBau joint venture project must adhere to the amended tax consequences as specified in PR 2018/10 (paragraph 8). Additionally, GSTD 2001/1 (paragraph 7) provides guidance on the GST treatment of administration levies paid by parents and carers to a Family Day Care Scheme and Child Care Benefits (CCB) paid to carers by a Family Day Care Scheme on behalf of parents, requiring entities to correctly classify these transactions for GST purposes.
Failing to comply with these rulings, determinations, and amendments may result in civil and criminal consequences, including penalties. The specific penalties for non-compliance are not detailed in the text; however, they can typically include fines, interest on unpaid taxes, and, in severe cases, prosecution under the relevant taxation Acts. For example, under the Income Tax Assessment Act 1997 (Cth), penalties for non-compliance can range from fines to imprisonment for serious breaches. Similarly, the Fringe Benefits Tax Assessment Act 1986 (Cth) and the A New Tax System (Goods and Services Tax) Act 1999 (Cth) also provide for penalties for non-compliance with their respective provisions. It is important for taxpayers and businesses to ensure they adhere to these legislative requirements to avoid potential penalties and legal consequences.