Greenwoods and Freehills Weekly Tax Highlights 9.11.07-16.11.07

Print Version

ATO Documents

Released 14.11.07

Class Rulings
CR 2007/104: Income tax: Sims Group Limited - Employee Long Term Incentive Plan
CR 2007/105: Income tax: early retirement scheme - State Library of Victoria
CR 2007/106: Income tax: early retirement scheme - University of Western Sydney
CR 2007/107: Income tax: scrip for scrip roll-over: acquisition of Alinta Limited by ES & L Pty Limited
Draft Goods and Services Tax Ruling
GSTR 2007/D3: Goods and services tax: GST and bare trusts
Draft Taxation Determination
TD 2007/D19: Income tax: if a private company makes a loan to a shareholder or associate in an income year and the loan has not been fully repaid, what elements of the loan agreement need to be in writing for the purposes of paragraph 109N(1)(a) of Division 7A of Part III of the Income Tax Assessment Act 1936?
Notice of Withdrawal
Taxation Determination
TD 2004/86: Income tax: if a shareholder borrows from a private company under a clause in the company's constitution setting out the terms on which such loans are to be made, is there a 'written agreement' for the purposes of paragraph 109N(1)(a) of Division 7A of the Income Tax Assessment Act 1936?

Released 16.11.07

Withdrawn Interpretative Decisions
ATO ID 2001/158:  Deductions for superannuation contributions 
ATO ID 2002/42: Reasonable Benefit Limits: Extension of time to register a transitional reasonable benefit limit (TRBL). 
ATO ID 2002/43: Commissioner's discretion contained in section 35-55 of the Income Tax Assessment Act 1997 
ATO ID 2002/44: Commissioner's discretion in section 35-55 of the ITAA 1997 - no objective expectation 
ATO ID 2002/82: Reasonable benefit limits: Determination of an arm's length salary. Use of remuneration survey. Recognition of high level of risk and responsibility.
ATO ID 2002/88: Reasonable benefit limits: Determination of an arm's length salary. Special circumstances.
ATO ID 2002/313: Assessability of United States Veteran's Affairs Disability Pension
ATO ID 2002/316: Assessability of a War Time Persecution Pension paid by Norway
ATO ID 2002/318: Foreign Pension from the Australian Embassy in USA - whether assessable to an Australian resident
ATO ID 2002/467: Assessability of Australian sourced salary and wages received by a resident of Norway
ATO ID 2002/594: Assessability of Norwegian pension by an Australian resident
ATO ID 2002/638: Assessability of Australian sourced Eligible Termination Payment paid to a resident of the United States of America 
ATO ID 2002/701: Commissioner's discretion- Special Circumstances - expectation of taxation profit not decisive
ATO ID 2003/16: Reasonable benefit limits: definition of 'salary'
ATO ID 2003/20: Reasonable benefit limits: discretion for excessive lump sum amount
ATO ID 2003/29: Reasonable benefit limits: previous benefits
ATO ID 2003/146: Reasonable benefit limits: Discretion for excessive lump sum amount
ATO ID 2003/475: Reasonable benefit limits - residual capital value
ATO ID 2003/629: Non Commercial Losses: lead time discretion - plant disease affecting the 'commercially viable period'
ATO ID 2004/130: Reasonable benefit limits: Highest Average Salary

Released 12.11.07

The Federal Coalition has released its Election Policy. The tax measures announced include:
The introduction of Tax-Free Home Saver Accounts from the 2008-09 financial year. Contributions of up to $1,000 per year (indexed each year) to the accounts will be tax deductible. All interest and earnings from the accounts will be tax-free.
Tax Free savings accounts for adults and children.
CGT exemptions to individuals who share equity in a home occupied by a family member (and which is the family member's first home).
The payment of a families childcare tax rebate in advance to the childcare provider.
he introduction of a new tax rebate for education expenses including school fees. 

Tax Cases