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 2016/2 | Income tax: taxation of financial arrangements – how section 230‑120 of the Income Tax Assessment Act 1997 applies to the taxation of swaps under the accrual/realisation rules in Subdivision 230‑B of that Act | The Ruling sets out the Commissioner’s position on taxation of financial arrangements that apply to the taxation of swaps under the accrual/realisation rules in Subdivision 230‑B of that Act. The Ruling applies to years of income commencing both before and after its date of issue. |
CR 2016/31 | Fringe benefits tax: employers who use the mTrax GPS system for car log book records and for odometer records | The Class Ruling sets out the Commissioner’s position for those employers who use the mTrax GPS system for car log book record and odometer record keeping requirements. The Ruling applies from 29 February 2016. |
CR 2016/32 | Fringe benefits tax: employer clients of Australia and New Zealand Banking Group Limited (ANZ) who are subject to the provisions of section 57A of the Fringe Benefits Tax Assessment Act 1986 or who are rebatable employers under section 65J of that Act and whose employees make use of the ANZ Entertainment Benefits Card facility. | The Class Ruling sets out the Commissioner’s position for employees who:
The Ruling applies from 1 April 2016 to 31 March 2020. |
CR 2016/33 | Income tax: off‑market takeover of Sedgman Limited and payment of Interim and Special Dividends | The Class Ruling sets out the Commissioner’s position for holders of ordinary shares in Sedgman Limited. The Ruling applies from 1 July 2015 to 30 June 2016. |
LCG 2015/4 | Attribution Managed Investment Trusts: 'clearly defined rights' | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain the meaning of 'clearly defined' membership rights to income and capital as that term is used in Division 276 of the Income Tax Assessment Act 1997 (the attribution regime for Managed Investment Trusts). The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/5 | Attribution Managed Investment Trusts: choice to treat separate classes as separate AMITs | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain the circumstances in which an AMIT can make the choice to apply the separate class rule and the tax effects of making that choice. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/6 | Attribution Managed Investment Trusts: character flow through for AMITs | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain the rule which ensures that amounts attributed to you retain the character the amounts had in the hands of the trustee of the AMIT. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/7 | Attribution Managed Investment Trusts: attribution on a 'fair and reasonable' basis | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain the meaning of attribution on a 'fair and reasonable' basis as that term is used in Division 276 of the Income Tax Assessment Act 1997 (the attribution regime for Managed Investment Trusts). The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/8 | Attribution Managed Investment Trusts: the rules for working out trust components - allocation of deductions | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain broadly, under the attribution regime, amounts of assessable income (net of deductions) retain the tax character they had for an attribution managed investment trust (AMIT)1 after they have been attributed to its members. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/9 | Attribution Managed Investment Trusts: trustee shortfall taxation - section 276-420 | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain the operation of section 276-420. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/10 | Attribution Managed Investment Trusts: administrative penalties for recklessness or intentional disregard of the tax law - section 288-115 | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain under the new regime for attribution managed investment trusts, broadly, mistakes made in calculating 'determined trust components' in one year, may be fixed in the year they are discovered without the need to amend prior year returns. Such discovered mistakes are referred to as 'unders' and 'overs'. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/11 | Attribution Managed Investment Trusts: annual cost base adjustments for units in an AMIT and associated transitional rules | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain the rules for adjusting the cost base of interests in attribution managed investment trusts (AMITs), associated transitional rules, and the tax treatment of so-called tax deferred distributions. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of relevant payments made on or after 1 July 2011 from a trust that becomes an AMIT and for assessments for income years starting on or after:
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LCG 2015/12 | Attribution Managed Investment Trusts: dividend, interest and royalty withholding | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain how the withholding rules for dividends, interest and royalties apply to an attribution managed investment trust and its members. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/13 | Attribution Managed Investment Trusts: withholding in respect of 'fund payments' | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain how the managed investment trust withholding (MIT withholding) rules contained in Subdivision 840-M of the Income Tax Assessment Act 1997 and Division 12 of Schedule 1 to the Taxation Administration Act 1953 apply to fund payments in the context of the attribution regime for Attribution Managed Investment Trusts. Law Companion Guideline LCG 2015/12 Attribution Managed Investment Trusts: dividend, interest and royalty withholding explains the modifications that have been made to the withholding rules for dividends, interest and royalties insofar as they apply to MITs. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2015/14 | Managed Investment Trusts: widely-held tests - wholly-owned entity of an Australian government agency | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain when an entity, established and wholly-owned by an Australian government agency, meets the conditions in paragraph 275-20(4)(i) of the Income Tax Assessment Act 1997 for the purpose of the managed investment trust (MIT) widely-held tests. The predecessor of paragraph 275-20(4)(i) is paragraph 12-402(3)(h) of Schedule 1 to the Taxation Administration Act 1953. This Guideline is a public ruling, effective retrospectively for those who rely on it in good faith from the date of effect of paragraph 12-402(3)(h). |
LCG 2015/15 | Managed Investment Trusts: the non-arm's length income rule in sections 275-605, 275-610 and 275-615 of the Income Tax Assessment Act 1997 | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to the non-arm's length income rule (NALIR) relevant to managed investment trusts (MITs) contained in sections 275-605, 275-610 and 275-615 of the Income Tax Assessment Act 1997.Together, these sections set out the circumstances in which the Commissioner may make a determination that a MIT has an amount of non-arm's length income for an income year, and the effect of such a determination and the NALIR applies to all MITs including attribution managed investment trusts. The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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LCG 2016/4 | Attribution Managed Investment Trusts: ‘carry‑forward trust component deficit’ | The Guideline describes how the Commissioner will apply the law as amended by Schedule 2 to the Tax Laws Amendment (Combating Multinational Tax Avoidance) Act 2015 to explain how to work out a 'trust component deficit' where an attribution MIT has a 'carry-forward trust component deficit' as these terms are used in Division 276 of the Income Tax Assessment Act 1997 (the attribution regime for MITs). The Guideline is a public ruling, effective for those who rely on it in good faith in respect of assessments for income years starting on or after:
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NOTICE OF WITHDRAWALS | ||
Ruling Number | Subject | Brief Description |
CR 2001/68 | Income tax: SA Rural Education Scholarship | Withdrawn with effect from 25 May 2016. |
CR 2002/5 | Income tax: Exempt Income – ACCV Post‑Graduate Research Scholarships | Withdrawn with effect from 25 May 2016. |
CR 2003/4 | Income tax: University of Canberra – Co‑operative Research Centre for Freshwater Ecology Summer Student Scholarships in Freshwater Ecology | Withdrawn with effect from 25 May 2016. |
CR 2003/7 | Income tax: Exempt Income – Commonwealth Aged Care Nursing Scholarships | Withdrawn with effect from 25 May 2016. |
CR 2004/36 | Income tax: Department of Education Services WA – Millennium Indigenous Teacher Scholarships | Withdrawn with effect from 25 May 2016. |
CR 2004/92 | Income tax: University of Tasmania – Bachelor of Geomatics Professional Experience Scholarship | Withdrawn with effect from 25 May 2016. |
CR 2004/94 | Income tax: La Trobe University – Student Industry Based Learning Scholarship | Withdrawn with effect from 25 May 2016. |
CR 2005/88 | Income tax: Murdoch University Scholarship for Industry Honours and/or Postgraduate Diploma Programs | Withdrawn with effect from 25 May 2016. |
CR 2006/3 | Income tax: Swinburne University – Industry‑Based Learning Scholarship | Withdrawn with effect from 25 May 2016. |
CR 2006/28 | Income tax: Deakin University – The Faculty of Science and Technology Industry Based Learning Program scholarships | Withdrawn with effect from 25 May 2016. |
CR 2009/13 | Income tax: Victorian Public Health Training Scheme Scholarships | Withdrawn with effect from 25 May 2016. |
CR 2010/11 | Income tax: James Cook University Business Partnership Program Scholarship | Withdrawn with effect from 25 May 2016. |
CR 2010/37 | Income tax: University of Melbourne Master of Veterinary Science (Clinical) and Master of Veterinary Studies scholarship | Withdrawn with effect from 25 May 2016. |
CR 2011/62 | Income tax: National Awards for Outstanding Teaching and School Leadership | Withdrawn with effect from 25 May 2016. |
TD 2007/6 | 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 2007? | Withdrawn with effect from 25 May 2016. |
TD 2007/7 | 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 2007? | Withdrawn with effect from 25 May 2016. |
TD 2007/8 | 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 2007? | Withdrawn with effect from 25 May 2016. |
TD 2007/9 | Fringe benefits tax: for the purposes of Division 7 of Part III of the Fringe Benefits Tax Assessment Act 1986, what amount represents a reasonable food component of a living‑away‑from‑home allowance for expatriate employees for the fringe benefits tax year commencing on 1 April 2007? | Withdrawn with effect from 25 May 2016. |
TD 2007/10 | Fringe benefits tax: what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2007? | Withdrawn with effect from 25 May 2016. |
TD 2007/17 | Fringe benefits tax: for the purposes of section 39A of the Fringe Benefits Tax Assessment Act 1986 what is the car parking threshold for the fringe benefits tax year commencing on 1 April 2007? | Withdrawn with effect from 25 May 2016. |
TD 2007/19 | Income tax: capital gains: what is the improvement threshold for the 2007‑08 income year under section 108‑85 of the Income Tax Assessment Act 1997? | Withdrawn with effect from 25 May 2016. |
TD 2007/21 | Income tax: what are the reasonable travel and meal allowance expense amounts for 2007-2008? | Withdrawn with effect from 25 May 2016. |
TD 2007/22 | Income tax: what is the car limit for the 2007-2008 financial year? | Withdrawn with effect from 25 May 2016. |
TD 2007/23 | Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2007 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used? | Withdrawn with effect from 25 May 2016. |
TD 2007/30 | Income tax: value of goods taken from stock for private use for the 2007‑2008 income year | Withdrawn with effect from 25 May 2016. |
TD 2008/3 | Fringe benefits tax: for the purposes of Division 7 of Part III of the Fringe Benefits Tax Assessment Act 1986, what amount represents a reasonable food component of a living‑away‑from‑home allowance for expatriate employees for the fringe benefits tax year commencing on 1 April 2008? | Withdrawn with effect from 25 May 2016. |
TD 2008/4 | 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 2008? | Withdrawn with effect from 25 May 2016. |
TD 2008/5 | 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 2008? | Withdrawn with effect from 25 May 2016. |
TD 2008/6 | 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 2008? | Withdrawn with effect from 25 May 2016. |
TD 2008/7 | Fringe benefits tax: what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2008? | Withdrawn with effect from 25 May 2016. |
TD 2008/12 | Fringe benefits tax: for the purposes of section 39A of the Fringe Benefits Tax Assessment Act 1986 what is the car parking threshold for the fringe benefits tax year commencing on 1 April 2008? | Withdrawn with effect from 25 May 2016. |
TD 2008/13 | Income tax: capital gains: what is the improvement threshold for the 2008‑09 income year under section 108‑85 of the Income Tax Assessment Act 1997? | Withdrawn with effect from 25 May 2016. |
TD 2008/17 | Income tax: what is the car limit for the 2008-2009 financial year? | Withdrawn with effect from 25 May 2016. |
TD 2008/18 | Income tax: what are the reasonable travel and overtime meal allowance expense amounts for 2008‑2009? | Withdrawn with effect from 25 May 2016. |
TD 2008/19 | Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2008 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used? | Withdrawn with effect from 25 May 2016. |
TD 2008/32 | Income tax: value of goods taken from stock for private use for the 2008-09 income year | Withdrawn with effect from 25 May 2016. |
TD 2009/6 | Fringe benefits tax: for the purposes of Division 7 of Part III of the Fringe Benefits Tax Assessment Act 1986, what amount represents a reasonable food component of a living‑away‑from‑home allowance for expatriate employees for the fringe benefits tax year commencing 1 April 2009? | Withdrawn with effect from 25 May 2016. |
TD 2009/7 | 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 2009? | Withdrawn with effect from 25 May 2016. |
TD 2009/8 | 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 2009? | Withdrawn with effect from 25 May 2016. |
TD 2009/9 | 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 2009? | Withdrawn with effect from 25 May 2016. |
TD 2009/10 | Fringe benefits tax: what is the benchmark interest rate to be used for the fringe benefits tax year commencing on 1 April 2009? | Withdrawn with effect from 25 May 2016. |
TD 2009/11 | Fringe benefits tax: for the purposes of section 39A of the Fringe Benefits Tax Assessment Act 1986 what is the car parking threshold for the fringe benefits tax year commencing on 1 April 2009? | Withdrawn with effect from 25 May 2016. |
TD 2009/12 | Income tax: capital gains: what is the improvement threshold for the 2009‑10 income year under section 108‑85 of the Income Tax Assessment Act 1997? | Withdrawn with effect from 25 May 2016. |
TD 2009/13 | Income tax: what is the car limit for the 2009‑10 financial year? | Withdrawn with effect from 25 May 2016. |
TD 2009/15 | Income tax: what are the reasonable travel and overtime meal allowance expense amounts for 2009‑10 income year? | Withdrawn with effect from 25 May 2016. |
TD 2009/16 | Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2009 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used? | Withdrawn with effect from 25 May 2016. |
TD 2009/22 | Income tax: value of goods taken from stock for private use for the 2009‑10 income year | Withdrawn with effect from 25 May 2016. |
TD 95/23 | Income tax: capital gains: for the 1995-96 income year: (a) what is the indexation factor for section 160P (major capital improvements to pre-CGT assets) of the Income Tax Assessment Act 1936; and (b) what is the associated indexed cost base threshold? | Withdrawn with effect from 27 April 2016. |