Greenwoods and Freehills Weekly Tax Highlights - Week Ended 24.10.08

ATO Documents

Released 22.10.08

Draft Taxation Determination
TD 2008/D15: Income tax: (a) are credits for United Kingdom interest withholding tax paid allowable under Article 22.1(a) of the 2003 United Kingdom Convention to an Australian resident financial institution which enters into an arrangement of the kind described in Taxpayer Alert TA 2007/3; and (b) would the Commissioner consider the application of Part IVA of the Income Tax Assessment Act 1936 to the arrangement?
Class Rulings
CR 2008/62: Income tax: BHP Billiton Group - Global Employee Share Plan
CR 2008/63: Income tax: scrip for scrip: merger of St George Bank Limited and Westpac Banking Corporation
CR 2008/64: Income tax: St George Bank Ltd - Employee Reward Share Plan - proposed merger with Westpac Banking Corporation 
CR 2008/65: Income tax: private practice arrangements for salaried medical officers in South Australian public hospitals
Product Ruling
PR 2008/70: Income tax: Kiri Park Projects - 2009 Growers
Taxation Ruling
TR 2008/8: Income tax: the taxation treatment of ship and aircraft leasing profits under the ships and aircraft articles of Australia's tax treaties
Addendum
Product Ruling
PR 2008/13: Income tax: tax consequences of investing in Next Financial Instalments - Series NF 330
Notice of Withdrawal
Partial Withdrawal
Miscellaneous Tax Ruling
MT 2024: Fringe benefits tax: dual cab vehicles eligibility for exemption

Released 23.10.08

Law Administration Practice Statement
PS LA 2008/15: Taxpayer Alerts

Released 24.10.08

Interpretative Decisions
ATO ID 2008/138: Capital Gains Tax: small business concessions - control of discretionary trust income paid or applied
ATO ID 2008/139: CGT: small business concessions - whether appointor controls discretionary trust
ATO ID 2008/140: Royalty withholding tax: lease payments to United States tax treaty resident for hiring substantial equipment - royalty withholding tax 
Withdrawn Interpretative Decisions
ATO ID 2008/117: Permanent establishment of a US Limited Liability Company

Decision Impact Statement: Raftland Pty Ltd

Released 24.10.08

Raftland Pty Ltd as trustee of the Raftland Trust v FCT [2008] HCA 21: The central question in this case was whether the beneficiary was 'presently entitled' to the income of the Raftland Trust. The Tax Office has released a Decision Impact Statement with regard to the case. The Tax Office believes that the case confirms and reinforces the Commissioner's ability to challenge trust loss trafficking arrangements by ascertaining the true intentions of the parties without relying on the anti avoidance rules.