Greenwoods & Freehills Weekly Tax Highlights 15.6.12

ATO documents

Taxation Ruling
TR 2012/3: Income tax: taxation of financial arrangements - application of subsections 230-30(2) and 230-30(3) of the Income Tax Assessment Act 1997 to gains and losses relating to exempt income or non-assessable non-exempt income 
 
Class Rulings
CR 2012/38: Income tax: Merger of Xstrata plc and Glencore International plc - Xstrata plc Long Term Incentive Plan
CR 2012/39: Income tax: SABMiller plc Executive Share Award Plan 2008
CR 2012/40: Income tax: ex gratia payment - Stolen Wages Reparation Scheme WA 

Taxation Determination
TD 2012/14: Income tax: capital gains: what is the improvement threshold for the 2012-13 income year under section 108-85 of the Income Tax Assessment Act 1997?

Draft Taxation Determinations
TD 2012/D4: Income tax: does CGT event E1 or E2 in sections 104-55 or 104-60 of the Income Tax Assessment Act 1997 happen if, pursuant to a valid exercise of a power contained within the trust's constituent document, the terms of the trust are changed?
TD 2012/D5: Income tax: for the purposes of paragraph 97(1)(a) of the Income Tax Assessment Act 1936 (ITAA 1936) is a beneficiary's share of net income worked out by reference to the proportion of the income of the trust estate to which the beneficiary is presently entitled?

Notices of Withdrawal
TR 2007/4: Income tax: entitlement to foreign tax credits under Division 18 of Part III of the Income Tax Assessment Act 1936 when foreign income is included in the net income of a trust estate

Addendum
SMSFR 2009/4: Self Managed Superannuation Funds: the meaning of 'asset', 'loan', 'investment in', 'lease' and 'lease arrangement' in the definition of an 'in-house asset' in the Superannuation Industry (Supervision) Act 1993

Taxpayer Alert
TA 2012/3: Structured financial products that exploit franking credits and other tax benefits 
 
Interpretative Decisions
ATO ID 2012/54: Supplies of things being used in an enterprise that are not necessary for the continued operation of that enterprise, and which do not form part of the 'supply of a going concern'
ATO ID 2012/55: Goods and Services Tax and Division 81 of the A New Tax System (Goods and Services Tax) Act 1999: registration of a community plan, deposited plan or strata plan
Withdrawn Interpretative Decisions
ATO ID 2010/173: Taxation of Financial Arrangements: gain made in gaining or producing non-assessable non-exempt income
ATO ID 2010/174: Taxation of financial arrangements: loss made in gaining or producing non-assessable non-exempt income