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 2013/4 | Income tax: effective life of depreciating assets (applicable from 1 July 2013)
| The Ruling explains the methodology used by the Commissioner of Taxation in making 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 2013. |
TD 2013/10 | Income tax: is the application of a deceased member’s benefits in a regulated superannuation fund to commence a superannuation income stream from that fund for each of one or more dependant beneficiaries of the deceased member (in accordance with regulation 6.21 of the Superannuation Industry (Supervision) Regulations 1994) a transfer of an amount between superannuation interests in that fund for the purposes of subsection 307‑5(8) of the Income Tax Assessment 1997? | The Determination outlines the Commissioner’s opinion about the application of a deceased member’s benefits in a regulated superannuation fund.
The Determination applies from 1 July 2007. |
TD 2013/11 | Income tax: is a payment of all or part of a deceased member’s benefits in a regulated superannuation fund from that fund to another regulated superannuation fund, to immediately cash those benefits to a beneficiary of the deceased person, a ‘roll‑over superannuation benefit’ as defined in section 306‑10 of the Income Tax Assessment Act 1997? | The Determination outlines the Commissioner’s opinion on whether the payment is a ‘roll‑over superannuation benefit’.
The Determination applies from 1 July 2007. |
TD 2013/12 | Income tax: must a child of a deceased person be aged less than 18 at the time they receive the superannuation lump sum referred to in subsection 303‑5(1) of the Income Tax Assessment Act 1997 to satisfy, by virtue of paragraph 302‑195(1)(b) of that Act, the requirement in paragraph 303‑5(1)(c) that ‘you are a death benefits dependant’ of that deceased person? | The Determination outlines the Commissioner’s opinion about the requirement in paragraph 303‑5(1)(c) of the Income Tax Assessment Act 1997 that ‘you are a death benefits dependant’ of a deceased person.
The Determination applies from 1 July 2007. |
TD 2013/13 | Income tax: is a payment by a complying superannuation fund (first fund) to another complying superannuation fund of a superannuation lump sum arising from the full commutation of a superannuation income stream paid to a person as a beneficiary of a deceased member of the first fund, a ‘roll‑over superannuation benefit’ for the purpose of section 306‑10 of the Income Tax Assessment Act 1997? | The Determination outlines the Commissioner’s opinion on whether the payment is a ‘roll‑over superannuation benefit’.
The Determination applies from 1 July 2007. |
TD 2013/14 | Income tax: what is the meaning of ‘deployment’ in paragraph 23AG(1AA)(d) of the Income Tax Assessment Act 1936?
| The Determination outlines the Commissioner’s opinion about the meaning of ‘deployment’ in paragraph 23AG(1AA)(d) of the Income Tax Assessment Act 1936.
The Determination applies to years of income commencing both before and after its date of issue. |
TD 2013/15 | Income tax: what is the car limit under section 40‑230 of the Income Tax Assessment Act 1997 for the 2013‑14 financial year?
| The Determination outlines the Commissioner’s calculation of the car limit under section 40-230 of the Income Tax Assessment Act 1997 for the 2013-14 financial year.
The Determination applies for the financial year commencing on 1 July 2013. |
SMSFD 2013/1 | Self Managed Superannuation Funds: where a deceased member’s benefits in a self managed superannuation fund are cashed in the form of a pension or an annuity to a child of the deceased member in accordance with sub‑subparagraph 6.21(2A)(b)(ii)(B) of the Superannuation Industry (Supervision) Regulations 1994, does subregulation 6.21(2B) of those regulations require the trustee to determine whether the child has a disability of the kind described in that subregulation on the day the child turns 25 (or an earlier date, if applicable under paragraph 6.21(2B)(a) of those Regulations), in order to determine whether the pension or annuity being paid to the child is exempt from the requirement to be commuted and cashed as a lump sum on that day? | The Determination outlines the Commissioner’s view about when a deceased member’s benefits in a self managed superannuation fund are cashed in the form of a pension or an annuity to a child of the deceased member.
The Determination applies from 1 July 2007. |
PR 2013/14 | Income tax: tax consequences of entering into a Toyota Finance Australia Business Vehicle Loan with a Guaranteed Future Value | The Ruling sets out the Commissioner’s opinion on the execution of a Business Vehicle Loan with a Guaranteed Future Value, offered by Toyota Finance Australia Limited with respect to new Toyota and Lexus Vehicles.
The Product Ruling applies prospectively from 1 August 2012. |
NOTICE OF WITHDRAWAL |
Ruling Number | Subject | Brief Description |
TR 2012/2 | Income tax: effective life of depreciating assets (applicable from 1 July 2012) | Taxation Ruling TR 2012/2 is withdrawn with effect from 1 July 2013. |
PR 2013/2 | Income tax: and goods and services tax: tax consequences for a Seller and Buyer under a White Popi Option Agreement | Product Ruling PR 2013/2 is withdrawn with effect from today.
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