Greenwoods & Freehills Weekly Tax Highlights - Week Ended 11.6.10

ATO documents

Released 9.6.10

Product Ruling
PR 2010/14: Income tax: WA Blue Gum Project 2010
Draft Taxation Rulings
TR 2010/D3: Income tax: application of subsection 109RB(1) of the Income Tax Assessment Act 1936 
Goods and Services Tax Ruling
GSTR 2010/D1: Goods and services tax: interest-free loans received by the developer of a retirement village  
Taxation Determinations
TD 2010/17: Income tax: Income tax: what is the car limit for the 2010-11 financial year?  
Luxury Car Tax Determinations
LCTD 2010/1: Luxury car tax: what is the luxury car tax threshold and the fuel-efficient car limit for the 2010-11 financial year?

Released 11.6.10

Interpretative Decisions
ATO ID 2010/127: Taxation of financial arrangements: choosing to spread an overall gain or loss as a series of particular gains or losses
ATO ID 2010/128: Unit trust investing in land for the purpose, or primarily for the purpose of rent
Withdrawn Interpretative Decision
ATO ID 2002/601: Income - Defence Force personnel on long-term, non-diplomatic posting to East Timor

Released 9.6.10

Treasury has released exposure draft regulations (and explanatory material) intended to bring the acquisition of limited recourse borrowing arrangements (including instalment warrants) by super funds into the Government’s consumer protection framework. The proposed regulations would make limited recourse borrowing arrangements “financial products” under the Corporations Act 2001 when entered into by regulated super funds. Under the Corporations Act 2001 those dealing in (i.e. providing advice and issuing) financial products must have an Australian Financial Services Licence (AFSL). AFSL holders are legally required to provide consumer protections to their clients.