Greenwoods & Freehills Weekly Tax Highlights 13.1.12
ATO documents
Draft Tax Determination
TD 2012/D1: Income tax: when is income tax of a private company a 'present legal obligation' for the purposes of the distributable surplus calculation under subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936?
Class Rulings
CR 2012/1: Income tax: demerger of Chorus Limited by Telecom Corporation of New Zealand Limited
CR 2012/2: Income tax: scrip for scrip: merger of The Rock Building Society Limited and MyState Limited
Addenda
TD 2007/28: Income tax: what is a 'present legal obligation' of a private company for the purposes of subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936?
TR 96/19: Income tax: chemists: Pharmaceutical Benefits Scheme income
Notices of Withdrawal
TR 2004/10: Income tax: the assessability of salary and wages derived under teacher exchange programs between Australia and the United States
TD 2008/28: Income tax: when is income tax of a private company a 'present legal obligation' for the purposes of the distributable surplus calculation under subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936?
Decision Impact Statements
DIS: GE Capital Finance Australasia Pty Limited and GE Capital Australia v Commissioner of Taxation
DIS: Aurora Developments Pty Ltd v Commissioner of Taxation
Appeals Update
Mills v Commissioner of Taxation [2011] FCAFC 158 (8 December 2011): The taxpayer has sought special leave to appeal to the High Court. The majority of the Full Federal Court (Edmonds J dissenting) held that s.177EA applied to prevent the taxpayer from being entitled to imputation benefits from a distribution received on PERLS V securities issued by the Commonwealth Bank in 2009. The case was run as a test case, and the ATO had previously negotiated a settlement deed with the Commonwealth Bank that protected the position of PERLS V investors.
Progress of legislation
As at 13.1.12 Bill Explanatory Memorandum Intro House Passed House Intro Senate Passed Senate Date of Royal assent / Act Number Description 22.6.11 17.8.11 18.8.11 13.10.11 3.11.11/129 Reform of Transport FBT; Children with Disabilities; DGRs; 30.9.10 22.11.10 23.11.10 23.8.11 . 8.9.11/93 Reform of Transport FBT; Children with Disabilities; DGRs; 13.9.11 Carbon Tax 22.9.11 TOFA, Ancillary Funds; Special Disability Funds; Income Tax Rates; Farm Management; Film Offsets 13.10.11 Primary Production Trust; PRRT; Company Directors 13.10.11 PAYG Withholding Non-Compliance Minerals Resource Rent Tax Bill 2011 (and Related Bills) 2.11.11 Minerals Resource Rent Tax Petroleum Resource Rent Tax Bill 2011 (and Related Bills) 2.11.11 Petroleum Resource Rent Tax Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011 2.11.11 Small Business Deductions, Entrepreneurs Tax; Low income super Superannuation Guarantee (Administration) Amendment Bill 2011 2.11.11 Superannaution Guarantee Rate 23.11.11 CGT Provisions, GST, DGR list and Technical Corrections
Clean Energy Bill 2011 (and Related Bills)
12.10.11
12.10.11
8.11.11
18.11.11/131
13.10.11
31.10.11
21.11.11
29.11.11/147
21.11.11
22.11.11
23.11.11
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PAYG Withholding Non-Compliance
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