Income Tax Amendment Proclamation - DOC

							ATO Documents
Released 22.8.07

Taxation Determination
TD 2007/25: Income tax: can section 160ZZZJ of Part IIIB of the Income Tax Assessment Act 1936
apply to interest entered in the accounting records of an Australian branch of a foreign bank if the
interest relates to a borrowing the branch has obtained from a third party?
TD 2007/26: Income tax: can a share in a company be a convertible interest by satisfying item 4 of the
table in subsection 974-75(1) of the Income Tax Assessment Act 1997 ?
Class Rulings
CR 2007/79: Income tax: return of capital: Ramelius Resources Limited
Product Ruling
PR 2007/75: Income tax: Gunns Plantations Limited Winegrape Project 2007 - Late Growers
Draft Taxation Ruling
TR 2007/D8: Income tax: application of the transferor trust and controlled foreign company measures where
property or services are transferred to a non-resident company owned by a non-resident trustee
TR 2007/D9: Income tax: various income tax issues relating to the horse industry; including whether racing,
training and breeding activities (carried out as stand-alone activities or in combination) amount to the carrying on
of a business
Addenda
Taxation Determination
TD 97/23: Income tax: what is the approved form of an election under subsection 139E(1) of the
Income Tax Assessment Act 1936 ('the Act') so that it applies to all shares or rights acquired in an
income year under a qualifying employee share acquisition scheme?
Miscellaneous Tax Ruling
MT 2024: Fringe benefits tax: dual cab vehicles eligibility for exemption where private use is limited to
certain work-related travel
Goods and Services Tax Determination
GSTD 2000/9: Goods and Services Tax: if you let out a residence do you need to get an ABN for
PAYG purposes or register for GST?
Goods and Services Tax Rulings
GSTR 2000/17: Goods and services tax: tax invoices
GSTR 2000/28: Goods and services tax: attributing GST payable or an input tax credit arising from a
sale of land under a standard land contract
Notices of Withdrawal
Product Ruling
PR 2006/2: Income tax: 2006 Timbercorp Almond Project - Post 30 June Growers
PR 2006/117: Income tax: Heathcote Ridge Vineyard Project (October 2006 Growers)
Taxation Ruling
TR 93/26: Partial Withdrawal Income tax: issues relating to the horse industry

Released 24.8.07

Interpretative Decisions
ATO ID 2007/166: Assessability of trust distributions to non-resident beneficiaries
ATO ID 2007/167: Commercial Debt Forgiveness: whether a debt used to acquire a subordinated note
can be a non-recourse debt
ATO ID 2007/168: Commercial Debt Forgiveness: whether the interim use of bridging finance
precludes a debt from being non-recourse
ATO ID 2007/169: GST and the supply of services for the construction of plant on an oil rig in the
Joint Petroleum Development Area
ATO ID 2007/170: Investment Product: reasonable to expect - holder of depreciating assets
ATO ID 2007/171: Investment Product: subleases property to another entity - right to immediately
possess depreciating assets
ATO ID 2007/172: Withholding Tax: dividends paid in respect of redeemable preference shares - rate
of withholding tax determined under the United States Convention
Withdrawn Interpretative Decsions
ATO ID 2001/588: GST and margin scheme for sale of property originally purchased after 30 June
2000 under the margin scheme
ATO ID 2001/633: GST and calculation of margin scheme to include money paid to develop the land
ATO ID 2002/31: GST, legal fees and the margin scheme
ATO ID 2002/351: Retirement income entities: Margin Lending - charge over assets of a Self Managed
Superannuation Fund
ATO ID 2002/352: Retirement income entities: Margin Lending - borrowing by a Self Managed
Superannuation Fund
ATO ID 2002/490: GST, administration costs and the margin scheme
ATO ID 2002/1073: Medicare Levy Surcharge - Family Surcharge Threshold - Eligible Termination
Payment included in taxable income
ATO ID 2003/1089: GST and services provided in the Joint Petroleum Development Area
ATO ID 2004/369: Medicare levy: family income - post June 83 component of ETP received by
taxpayer's spouse
ATO ID 2004/726: GST and choosing to apply the margin scheme on a supply of a fractional interest
in land

Review into Unlimited Amendment Periods
Released 22.8.2007

The Assistant Treasurer has announced a review into unlimited amendment periods in the income tax laws. A
discussion paper is available from the treasury website which examines the removal of unlimited amendment
periods. The Assistant Treasurer said the review will attempt to determine a balance between protecting taxpayers
from the risk of amended assessments and replacing them with more certain arrangements.


Tax Cases
Review into Unlimited Amendment Periods
Released 22.8.2007

The Assistant Treasurer has announced a review into unlimited amendment periods in the income tax laws. A
discussion paper is available from the treasury website which examines the removal of unlimited amendment
periods. The Assistant Treasurer said the review will attempt to determine a balance between protecting taxpayers
from the risk of amended assessments and replacing them with more certain arrangements.


Tax Cases
Cameron Brae Pty Limited v FCT [2007] FCAFC 135, 21 August 2007: By a 2:1 majority, the Full
Federal Court has found against the taxpayer. The Court held that no deduction was available to the
taxpayer for the contribution of some $500,000 to a superannuation fund. A company incorporated in
New Zealand was the trustee of the fund. The fund was governed by a trust deed that allowed benefits
to be paid to discretionary members at the trustee's discretion. The court found that the payment was
merely an augmentation of existing funds and did not directly benefit an existing employee or member.

Walters & Anor v FCT [2007] FCA 1270, 20 August 2007: The Federal Court has dismissed the
taxpayers' appeal. The Court found that the AAT's conclusion that the scheme was entered into for the
dominant purpose of obtaining a tax benefit was open to it on the facts, and that the AAT had given
proper regard to the nature of the transactions and the manner they had been entered into. The initial
case concerned a husband and wife who entered into a series of transactions which allowed them to sell
shares in a family business for no capital gain.

Progress of Legislation
As at 28.8.07

Bill                  Intro        Passed        Intro       Passed        Date of            Description
                      House        House         Senate      Senate        Royal assent
                                                                           / Act



 2
                                                          Number

International      29.3.07   7.8.07     8.8.07   9.8.07            Treaties with
Tax Agreements                                                     France and Norway
Amendment Bill
(No 1) 2007


Tax Laws           21.6.07   13.8.07   14.8.07                      Foreign tax
Amendment                                        .                 credit
(2007 Measures                                                     quarantining rules
No 4) Bill 2007                                                    , Trustee
                                                                   beneficiary
                                                                   reporting, Family
                                                                   trust elections,
                                                                   Investment in
                                                                   instalment
                                                                   warrants by super
                                                                   funds, Simpler
                                                                   super, Deductible
                                                                   Gift recipients

Taxation           21.6.07   13.8.07   14.8.07
(Trustee                                         .
Beneficiary
Non-disclosure
Tax) Bill (No 1)
2007

Taxation           21.6.07   13.8.07   14.8.07
(Trustee                                         .
Beneficiary
Non-disclosure
Tax) Bill (No 2)
2007

International      21.6.07                                         Treaty with
Tax Agreements                                   .                 Finland
Amendment Bill
(No 2) 2007

Superannuation     21.6.07                                         Commonwealth
Legislation                                      .                 Superannuation
Amendment Bill
2007

Tax Laws           16.8.07                                         Taxation
Amendment                                        .                 treatment of
(2007 Measures                                                     leasing and
No 5) Bill 2007                                                    similar
                                                                   arrangements,
                                                                   company loss
                                                                   recoupment rules,
                                                                   statutory licence
                                                                   CGT,- marriage
                                                                   breakdown roll-
                                                                   over, trusts and
                                                                   stapled securities,
                                                                   excluded equity
    interest, ADIs,
    R&D, Film
    incentives,
    deductible gift
    recipients




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