Greenwoods and Freehills Weekly Tax Highlights - Week Ended 31.10.08

ATO Documents

Released 29.10.08

Class Rulings
CR 2008/66: Income tax: scrip for scrip: acquisition of Just Group Limited by Premier Investments Limited
Draft Goods and Services Tax Ruling
GSTR 2008/D4: Goods and services tax: cancellation fees
Draft Miscellaneous Tax Ruling
MT 2008/D4: Miscellaneous taxes: notification requirements for an entity under section 105-55 of Schedule 1 to the Taxation Administration Act 1953
Addenda
Taxation Determinations
TD 2006/63: Income tax: capital gains: is a CGT asset that is leased by a taxpayer to a connected entity for use in the connected entity's business an active asset under section 152-40 of the Income Tax Assessment Act 1997? 
TD 2006/65: Income tax: capital gains: small business concessions: can a share in a company or an interest in a trust qualify as an active asset under subsection 152-40(3) of the Income Tax Assessment Act 1997 if the company or trust owns interests in another entity that satisfies the '80% test'? 
TD 2006/71: Income tax: capital gains: small business concessions: is the part of a payment which is a small business 50% reduction amount a non-assessable part under CGT event E4 in section 104-70 of the Income Tax Assessment Act 1997? 
Taxation Ruling
TR 2003/4: Income tax: boat hire arrangements
Notices of Withdrawal
Taxation Determinations
TD 2006/69: Income tax: capital gains: small business concessions: must a taxpayer receive actual capital proceeds from a CGT event to qualify for the small business retirement exemption under Subdivision 152-D of the Income Tax Assessment Act 1997?
TD 2006/70: Income tax: capital gains: is a bank account or cash on hand included in the numerator of the '80% test' calculation in paragraph 152-40(3)(b) of the Income Tax Assessment Act 1997?
Erratum
Product Ruling
PR 2008/65: Income tax: Great Southern 2009 High Value Timber Project

Released 31.10.08

Interpretative Decisions
ATO ID 2008/141: Division 719: MEC Groups - Special Conversion Event
ATO ID 2008/142: Excess contributions tax: non-concessional contributions - personal injury payment - contribution to fund within 90 days of receiving a payment from Public Trustee (NSW)
ATO ID 2008/143: Assessability of allowances received from employment in a foreign country

Revised UK Tax Treaty

Released 28.10.08

The Assistant Treasurer has announced the commencement of negotiations on a revised tax treaty with the United Kingdom. The Assistant Treasurer has said that modernising the tax treaty is part of the recent focus on keeping Australia's tax treaty network up to date. 

Released 29.10.08

The Board of Taxation has released a discussion paper entitled 'Review of the Tax Arrangements Applying to Managed Investment Trusts'. In February 2008, the Assistant Treasurer asked the Board to undertake a review of the tax arrangements applying to managed funds that operate as managed investment trusts. G&F has produced a detailed tax brief on the discussion paper.