Greenwoods & Freehills Weekly Tax Highlights 1.6.12

ATO documents

Goods and Services Tax Ruling
GSTR 2012/2: Goods and services tax: financial assistance payments
 
Class Rulings 
CR 2012/36: Income tax: scrip for scrip: exchange of shares in Aurecon Australia Group Limited for shares in Aurecon 
CR 2012/37: Luxury car tax: meaning of 'luxury car'

Product Ruling
PR 2012/21: Income tax: tax consequences of investing in a Macquarie Step Facility Deferred Purchase Agreement     

Addenda
TD 2008/29: Income tax: consolidation: capital gains: do the core consolidation rules in Division 701 of the Income Tax Assessment Act 1997 modify the effect of the CGT contract rules if an entity contracts to buy or sell a CGT asset and the contract settles after the entity becomes, or ceases to be, a member of a consolidated group?
TD 2008/31: Income tax: consolidation: capital gains: for the purposes of Part 3-90 of the Income Tax Assessment Act 1997, is the CGT asset that an entity has contracted to sell to another taxpayer an asset of the entity at a time it joins or leaves a consolidated group, if the contract is not completed at that time?
TR 2006/3: Income tax: government payments to industry to assist entities 
 
Withdrawn Interpretative Decision
ATO ID 2002/380: Deductibility of General Interest Charge (GIC) - when incurred or when paid

Decision Impact Statements
2011/2220: Mehta and Commissioner of Taxation
2821 of 2011: Tricare Group Pty Ltd v Commissioner of Taxation

Treasury has released exposure draft regulations (and explanatory memorandum) which are stated to give effect to several recommendations from the final report of the Super System Review that was provided to the Government on 30 June 2010. The proposed regulations are intended to amend the Superannuation Industry (Supervision) Regulations 1994 to require:

• trustees of SMSFs to consider insurance for their members as part of the fund’s investment strategy;
• money and other assets of an SMSF be kept separate from those held by a trustee personally and by a standard employer sponsor or an associate of a standard employer sponsor; and
• SMSFs to value the assets of the fund at net market value for reporting purposes.

Progress of legislation

Tax Laws Amendment (2012 Measures No. 3) Bill 2012, Income Tax (Seasonal Labour Mobility Program Withholding Tax Bill) 2012 and Tax Laws Amendment (Income Tax Rates) Bill 2012 have all been passed by the House of Representatives

As at 1.6.12