Greenwoods and Freehills Weekly Tax Highlights - Week Ended 8.5.09

ATO Documents

Released 6.5.09

Taxation Determination
TD 2009/11: Fringe benefits tax: for the purposes of section 39A of the Fringe Benefits Tax Assessment Act 1986 what is the car parking threshold for the fringe benefits tax year commencing on 1 April 2009?
Product Rulings
PR 2009/22: Income tax: Australian Bight Abalone Project 2009
PR 2009/23: Income tax: FEA Plantations Project 2009 - Woodlot Option 1
PR 2009/24: Income tax: FEA Plantations Project 2009 - Woodlot Option 2
PR 2009/25: Income tax: FEA Plantations Project 2009 - Woodlot Option 3
PR 2009/26: Income tax: FEA Plantations Project 2009 - Woodlot Option 4
PR 2009/27: Income tax: FEA Plantations Project 2009 - Woodlot Unit 5
PR 2009/28: Income tax: Piangil Grower Project - 2008 (2009 Growers)
PR 2009/29: Income tax: AIL Almond Grower Project - Miralie: 2009 Growers (to 15 June 2009)
PR 2009/30: Income tax: Olive Growers Australia Project 2007 for 2009 Growers (pre 1 June 2009)
Fuel Tax Ruling
FTR 2009/1: Fuel tax: entitlement to a fuel tax credit under section 41-5 of the Fuel Tax Act 2006 in a vehicle or equipment hire arrangement
Addenda
GSTR 2000/10: Goods and services tax: recipient created tax invoices 
TR 2005/1: Income tax: carrying on business as a professional artist

Released 8.05.09

Withdrawn Interpretative Decisions
ATO ID 2001/426: Value of Trading Stock 
ATO ID 2001/711: Deductibility of expenses associated with receipt of a government grant 
ATO ID 2002/204: Income - derivation of salary and wages over two years of income
ATO ID 2002/823: Disposal of trading stock - incorporation of business 
ATO ID 2002/939: Timing of deduction for prepaid interest
ATO ID 2002/1033: Trading Stock - Cessation of business
ATO ID 2003/807: Related party acquisitions - unit in short term accommodation complex 

Released 7.5.09

The Standing Committee on Economics has released a report recommending that Tax Laws Amendment (2009 Measures No 2) Bill 2009 be passed by the Senate. Among other things the Bill contains amendments to the CGT concessions, the Urban Water Tax Offset and the Fuel Tax Credits Regime.

Released 5.5.09
 
The Minister for Superannuation and Corporate Law has released the draft Corporations Amendment (Improving Accountability on Termination Payments) Bill 2009, associated regulations and explanatory memorandum for comment. The draft legislation proposes to lower the shareholder approval threshold for payment of termination benefits to company directors and executives, as well as expanding the range of personnel to whom shareholder approval  applies. The draft legislation also clarifies the definition of benefit under the Corporations Act.

Released 1.5.09

The Superannuation Industry (Supervision) Amendment Regulations 2009 (No 3) and the accompanying explanatory statement were registered on 1 May 2009. The Regulations will make certain administrative decisions by the relevant Regulator of a superannuation entity subject to merits review by the AAT.