Greenwoods & Freehills Weekly Tax Highlights 29.6.12

ATO documents

Taxation Rulings
TR 2012/2: Income tax: effective life of depreciating assets (applicable from 1 July 2012)
TR 2012/5: Income tax: section 254T of the Corporations Act 2001 and the assessment and franking of dividends paid from 28 June 2010

Taxation Determinations
TD 2012/15: Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2012 for the purposes of Division 7A of Part III of the Income Tax Assessment Act 1936 and how is it used? 
TD 2012/16: Income tax: what is the car limit for the 2012?13 financial year?
TD 2012/17: Income tax: what are the reasonable travel and overtime meal allowance expense amounts for the 2012/13 income year?

Class Rulings
CR 2012/41: Income tax: demerger of Phillips 66 by ConocoPhillips Company
CR 2012/42: Income tax: demerger of Phillips 66 by ConocoPhillips Company - employee share schemes
CR 2012/43: Income tax: proposed return of capital: Murchison Metals Ltd
CR 2012/45: Income tax: the 2012 BlueScope Sheet Metal Supplies Chullora and Trade Coast Early Retirement Scheme 

Taxpayer Alert
TA 2012/3: Structured financial products that exploit franking credits and other tax benefits 

Notice of Withdrawal
TR 2011/2: Income tax: effective life of depreciating assets (applicable from 1 July 2011) 
 
Interpretative Decision
ATO ID 2012/59: Reduction in shortfall interest charge: credit amendment: assessable recoupment
Withdrawn Interpretative Decision
ATO ID 2008/155: Operation of section 99B: trust income included in the assessable income of the beneficiary by section 97 but not declared in the beneficiary's income tax return

PAYG Variations and Notices
OPS 2012/3: Tax table for employment termination payments
OPS 2012/4: Lodgment of statements by first home saver account providers for the year ended 30 June 2012 in accordance with the Taxation Administration Act 1953
TPAL 2012/1: Lodgment of returns for the year of income ended 30 June 2012 in accordance with the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993 and the Income Tax (Transitional Provisions) Act 1997  

Practice Statement
PS LA 2012/2: Change of trustee (recovery of income tax and GST liabilities)

Treasury has released a proposals paper that will form the basis of consultation on the policy design of these measures.  The proposals paper sets out, in broad terms, how the measures may be implemented. The purpose of this proposals paper is to provide interested parties with an opportunity to comment on the policy design of these measures.

Tax Laws Amendment (2012 Measures No. 4) Bill 2012 was introduced into the House of Representatives on 28.6.12. The Bill includes amendments in relation to the living-away-from-home allowances and benefits..

Tax Laws Amendment (Managed Investment Trust Withholding Tax) Bill 2012; Income Tax (Managed Investment Trust Withholding Tax) Amendment Bill 2012 , Tax Laws Amendment 2012 Measures No.1 Bill 2012, Tax Laws Amendment (2012 Measures No. 2) Bill 2012, Superannuation Legislation Amendment (Stronger Super) Bill 2012 and Tax and Superannuation Laws Amendment (2012 Measures No. 1) Bill 2012 have received Royal Assent.

As at 29.6.12