Greenwoods & Freehills Weekly Tax Highlights 13.4.12

ATO documents

Draft Taxation Ruling
TR 2012/D2: Income tax: assessability of amounts received in respect of legal costs incurred in disputes concerning termination of employment  

Class Rulings
CR 2012/24: Income tax: early retirement scheme Endeavour Energy  

Product Rulings
PR 2012/6: Income tax: Premium African Mahogany 2012 Project 

Addenda
GSTR 2001/8: Goods and services tax: apportioning the consideration for a supply that includes taxable and non-taxable parts  
CR 2012/20: Income tax: NSW VMOs and eligible health professionals' participation in the COAG Improving Access to Primary Care in Rural and Remote Areas (section 19(2) Exemptions) Initiative  
PR 2008/60: Income tax: 2009 Willmott Forests Premium Forestry Blend Project

Notice of Withdrawal
GSTB 2003/1: How to calculate input tax credits and bad debt adjustments when a dividend is paid to creditors

Draft Practice Statement
PS LA 3521: Treatment of input tax credits claimed by a recipient where the Commissioner does not give a refund to the supplier due to the operation of section 105-65 of Schedule 1 to the Taxation Administration Act 1953

Practice Statement
PS LA 2012/1: Management of high risk technical issues and engagement of tax technical officers in Law and Practice

On Friday 13 2012, Treasury released the Business Tax Working Group's final report on the tax treatment of losses. The report has recommended that loss carry-back would be a worthwhile reform in the near term. However, the report did not explore the relative net-benefit of loss carry back compared with other business tax reforms. The report also recommended that the Government undertake further work to develop a model for reforming the same business test. The report states that further analysis and consultation is required before any conclusions can be drawn on possible savings options to fund reforms to the tax treatment of losses. 

As at 13.4.12