Greenwoods and Freehills Weekly Tax Highlights - Week Ended 13.2.09

ATO Documents

Released 11.2.09

Notices of Withdrawal
Taxation Ruling
TR 2007/8: Income tax: registered agricultural managed investment schemes
Draft Goods and Services Tax Ruling
GSTR 2008/D1: Goods and services tax: registered agricultural managed investment schemes
Addendum
Product Ruling
PR 2007/71: The Product Rulings System

Released 13.2.09

Interpretative Decision
ATO ID 2009/9: Deductibility of expenses: property buyers agent's fee 
Withdrawn Interpretative Decision
ATO ID 2006/242: Canadian Convention: alienation of property - surrender of life interest in deceased estate

Introduced 12.2.09

The Government has last night reintroduced a revised package of  Bills to implement the Government's proposed stimulus package. The reintroduction follows the rejection of the Bills in the Senate. The Bills will take account of the reduction in the tax bonus and single income family bonus payments from $950 to $900. The legislative table below has been updated to provide links to the new Bills and explanatory memoranda. The Bills are Household Stimulus Package Bill (No 2) 2009; Tax Bonus for Working Australians Bill (No 2) 2009 and Tax Bonus for Working Australians (Consequential Amendments) Bill (No 2) 2009.  

Tax Laws Amendment (2009 Measures No 1) Bill 2009

Introduced 12.2.09

Tax Laws Amendment (2009 Measures No 1) Bill 2009 and associated explanatory memorandum has been introduced into the House of Representatives. The Bill contains various measures. These include a 20% reduction of the amount of the PAYG instalment for the quarter that includes 31 December 2008 for certain small business taxpayers, temporary residents' unclaimed superannuation and income test reform for various government initiatives.

Released 12.2.09

Treasury has released the Exposure Draft Tax Agent Services (Transitional Provisions and Consequential Amendments) Bill 2009 and the Exposure Draft Explanatory Memorandum. This Bill is intended to facilitate the smooth transitioning of tax agents into the new regulatory regime. In related news the Tax Agent Bill has now entered the Senate. 

Woodside Energy Ltd v FCT [2009] FCAFC 12, 12 February 2009: The Full Federal Court has upheld the decision at first instance. The Court found that hedging losses incurred by Woodside Energy Ltd could not be taken into account to reduce its "taxable profit" for the purpose of determining its liability to Petroleum Resource Rent. The court determined that hedging losses could not be regarded as expenses under the  Petroleum Resource Rent Tax Assessment Act 1987.