COMMISSIONER OF TAXATION
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 |
TD 2017/21 | Income tax: where an Australian corporate tax entity is a partner in a partnership, can the partnership 'hold' a direct control interest (within the meaning of section 350 of the Income Tax Assessment Act 1936) in a foreign company for the purpose of Subdivision 768-A of the Income Tax Assessment Act 1997? | The Determination sets out the Commissioner’s position on whether an Australian corporate tax entity can have an indirect participation interest in the foreign company through the partnership for the purpose of satisfying the participation test in section 768-15. The Determination applies from 17 October 2014. |
TD 2017/22 | Income tax: where an Australian corporate tax entity is a beneficiary of a trust, can the trust be taken to 'hold' a direct control interest (within the meaning of section 350 of the Income Tax Assessment Act 1936) in a foreign company for the purpose of Subdivision 768-A of the Income Tax Assessment Act 1997? | The Determination sets out the Commissioner’s position on whether an Australian corporate tax entity can have an indirect participation interest in the foreign company through the trust for the purpose of satisfying the participation test in section 768‑15. The Determination applies from 17 October 2014. |
NOTICE OF WITHDRAWALS | ||
Ruling Number | Subject | Brief Description |
GSTD 2017/D1 | Goods and services tax: what is excluded from being second hand goods by paragraph (b) of the definition of that term in Division 195 of the A New Tax System (Goods and Services Tax) Act 1999? | The draft Determination is being withdrawn as the Treasury Laws Amendment (GST Integrity) Act 2017 has repealed paragraphs (a) and (b) of the definition of second‑hand goods, and introduced a new definition that applies to acquisitions of goods containing valuable metal that occur on or after 1 April 2017. The Determination is withdrawn with effect from today. |
IT 2450 | Income tax: recognition of income from long term construction contracts | The Determination is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts. The Determination is withdrawn with effect from today. |
TD 92/131 | Income tax: property development: are tender costs to be included in the 'estimated profits basis' calculation under Taxation Ruling IT 2450 and spread over the life of a long-term construction contract, or are they deductible under subsection 51(1) of the Income Tax Assessment Act 1936 in the year in which they are incurred? | The Determination is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts. The Determination is withdrawn with effect from today. |
TD 92/186 | Income tax: property development: can a construction contract which runs for less than twelve months be regarded as a long-term construction contract for the purposes of Taxation Ruling IT 2450? | The Determination is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts. The Determination is withdrawn with effect from today. |
TD 94/39 | Income tax: property development: can costs incurred and income derived under the terms of a long-term construction contract be returned on a completed contract basis? | The Determination is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts. The Determination is withdrawn with effect from today. |
TD 94/65 | Income tax: property development: is a 'management reserve' taken into account in calculating notional taxable income under the estimated profits basis of returning income from a long term construction contract? | The Determination is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts. The Determination is withdrawn with effect from today. |
TD 94/87 | Income tax: property development: where the estimated profits method of recognising income from long-term construction contracts (Taxation Ruling IT 2450) is adopted, how is an estimated 'ultimate loss' arising under a contract to be recognised? | The Determination is being withdrawn to form part of a consolidated ruling on the tax treatment of long-term construction contracts. The Determination is withdrawn with effect from today. |