Greenwoods and Freehills Weekly Tax Highlights - Week Ended 12.9.08

ATO Documents

Released 12.9.08

Draft Self Managed Superannuation Fund Determination
SMSFD 2008/D1: Self Managed Superannuation Funds: is there any restriction in the Superannuation Industry (Supervision) Act 1993 on a fund trustee accepting from a member a binding nomination of the recipients of any benefits payable in the event of the member's death? 10 September 2008
Class Rulings
CR 2008/56: Income tax: Westpac Banking Corporation: Westpac Stapled Preferred Securities
CR 2008/57: Income tax: Suncorp-Metway Limited - allotment of Converting Preference Shares
Product Rulings
PR 2008/62: Income tax: tax consequences of changing the portfolio structure, contributing to and partially redeeming an investment in a unit in Perpetual's Investor Choice Fund
PR 2008/63: Income tax: 2009 Timbercorp Forestry Project
Addenda
Goods and Services Tax Ruling
GSTR 2003/5: Goods and services tax: vouchers  
Product Rulings
PR 2008/39: Income tax: Great Southern 2008 Renewable Fibre Project 
PR 2008/45: Income tax: Great Southern 2008 Wine Grape Income Project - 2008 Growers 
Erratum
Taxation Determination
TD 2008/23: Income tax: are the active assets of a partnership, in which a foreign company is a partner, active foreign business assets of the foreign company for the purposes of the capital gains tax participation exemption provisions contained in Subdivision 768-G of the Income Tax Assessment Act 1997? 

Released 12.9.08

Interpretative Decisions
ATO ID 2008/120: Deferred capital loss or deduction: asset transferred between non-residents
ATO ID 2008/121: Employee share scheme: voluntary undertaking not to dispose of a share
Withdrawn Interpretative Decisions
ATO ID 2003/264: Deferred capital loss or deduction - asset transferred to a non-resident company
ATO ID 2003/266: Deferred capital loss or deduction - asset transfer from resident to non-resident
ATO ID 2003/267: Deferred capital loss or deduction - asset transfer from non-resident to resident

Released 9.9.08

The Minister for Innovation, Industry, Science and Research, has released the report of the Review of Australia's National Innovation System. The report recommended changing the R&D tax concession from a tax deduction to a tax credit. This new tax credit would be based on company turnover. The report recommended a 40% Tax Credit should be available to large firms, with a refundable Tax Credit of 50% available to smaller firms with turnover under $50m. The report also recommended that all R&D undertaken in Australia be eligible for the tax credit.