Greenwoods & Freehills Weekly Tax Highlights 3.2.12

ATO documents

Draft Taxation Determination
TD 2012/D2: Income tax: capital gains: for the purposes of paragraph 115-228(1)(a) of the Income Tax Assessment Act 1997 can a beneficiary of a trust estate be reasonably expected to receive a share of the net financial benefit referable to a capital gain made by the trust estate in an income year if the fact that the capital gain was made is not established until after the end of the income year? 
 
Class Rulings
CR 2012/6: Income tax: Return of capital, acquisition of new interests and stapling of securities to form a new stapled security: Centro Australia Wholesale Fund
CR 2012/7: Income tax: Return of capital, acquisition of new interests and stapling of securities to form a new stapled security: Centro DPF Holding Trust
CR 2012/8: Income tax: Return of capital, acquisition of new interests and stapling of securities to form a new stapled security: Centro Retail Group
CR 2012/9: Income tax: Return of capital: Centro Properties Group 
 
Erratum
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? 

Interpretative Decisions
ATO ID 2012/8: Deemed quotation of tax file number in respect of distribution from investment body to non-resident investor: section 202EE of the ITAA 1936
ATO ID 2012/9: Capital Allowances: holder of a depreciating asset - right to remove 
Withdrawn Interpretative Decisions
ATO ID 2003/257: Capital gains tax: main residence exemption - choice not to apply exemption  

TLAB (2012 GST Measures No. 1)
- amend the GST treatment of certain supplies by health insurers

TLAB (2012 GST Measures No. 2)
- amend the GST treatment of property in possession of a mortgage

Howard  v Commissioner of Taxation (No 2) [2011] FCA 1421 (14 December 2011):  The taxpayer and the Commissioner have appealed to the Full Federal Court. Jessup J had previously held that a damages award was not assessable income as it was held in trust. Jessup J also dismissed the taxpayers appeal, finding that trust distributions received from a non-resident trust for the 2006 income year were assessable.

As at 3.2.12