Greenwoods and Freehills Weekly Tax Highlights 16.11.07-23.11.07

Print Version

ATO Documents

Released 21.11.07

Class Ruling
CR 2007/108: Income tax: The National Mutual Life Association of Australasia Limited: application of section 26AH of the Income Tax Assessment Act 1936 to Guaranteed Investment Bonds and Personal Investment Bonds
Taxation Determination
TD 2007/30: Income tax: value of goods taken from stock for private use for the 2007-2008 income year
Product Rulings
PR 2007/93: Income tax: tax consequences of investing in the Westpac Protected Equity Loan
PR 2007/94: Income tax: 2008 Grain Co-Production Project
PR 2007/95: Income tax: Margaret River Watershed Premium Wine Project 2007 (Pre 15 March 2008 Growers)
Notices of Withdrawal
Product Rulings
PR 2007/52: Income tax: Media Funds Management Pty Limited: Film Fund No. 1 of 2007 - 'Badland'
PR 2007/53: Income tax: Media Funds Management Pty Limited: Film Fund No. 2 of 2007 - 'The Last Stand'

Released 16.11.07

Interpretative Decisions 
ATO ID 2007/209: Excise: conditions imposed on periodic settlement permissions
ATO ID 2007/210: Excise: conditions of a periodic settlement permission
ATO ID 2007/211: Wine Equalisation Tax: beverage container deposit - WET taxable value
ATO ID 2007/212: Transitional redundancy payments
ATO ID 2007/213: Excess contributions tax: amendment to reduce liability - release authority
ATO ID 2007/214: Excess contributions tax: amendment to increase liability - release authority 
Withdrawn Interpretative Decisions
ATO ID 2001/754: Reasonable Benefit Limits: Extension of time to register a transitional reasonable benefit limit (TRBL).  
ATO ID 2001/768: Reasonable benefit limits (RBLs) - Qualifying portions
ATO ID 2002/89: Reasonable benefit limits: Determination of an arm's length salary. Unique duties.
ATO ID 2002/90: Reasonable benefit limits: Determination of an arm's length salary. Use of remuneration survey. Recognition of high level of risk and responsibility.
ATO ID 2002/91: Reasonable benefit limits: Determination of an arm's length salary. Salary sacrifice.
ATO ID 2002/243: Assessability of German retirement pension received by an Australian resident
ATO ID 2002/290: Reasonable benefit limit (RBL) reporting of superannuation pension originally commenced before 16 February 1990. 
ATO ID 2002/349: Reasonable benefit limit - calculation of 'salary'.
ATO ID 2002/433: Reasonable benefit limit - arm's length salary
ATO ID 2002/717: Reasonable benefit limits (RBLs): Transitional RBLs and Highest Average Salary
ATO ID 2002/723: Reasonable benefit limits (RBL): RBL Determination
ATO ID 2002/1020: Reasonable benefit limits: highest average salary and partnership losses prior to 1 July 1990 for transitional reasonable benefit limits.
ATO ID 2002/1072: Reasonable benefit limits: determination of an arm's length salary - sole trader
ATO ID 2002/1099: Reasonable benefit limits: determination of an arm's length salary - partner
ATO ID 2002/1104: Reasonable benefit limits: determination of an arm's length salary - entitlement to review
ATO ID 2002/1105: Reasonable benefit limits: discretion for excessive lump sum amount
ATO ID 2002/1107: Reasonable benefit limits: determination of an arm's length salary - public company director

For a comprehensive review of Labor's promised business tax changes please refer to Greenwoods and Freehills' Tax Brief on the subject.

The DTA entered into force on 10 November 2007. The Agreement will apply in Australia, for withholding taxes on income derived on or after 1 January 2008 and
for other Australian taxes, on income, profits or gains from any year of income beginning on or after 1 July 2008.

Tax Cases

Riddell v FCT [2007] FCA 1818 + Spriggs v FCT [2007] FCA 1817,  23 November 2007:  The Federal Court has held that management fees paid by 2 footballers to their accredited player agents during the year ended 30 June 2005  were fees  incurred in carrying on a business for the purpose of gaining or producing their assessable income. The Court concluded that the fees were therefore deductible under s 8-1 of the ITAA 1997.