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ATO Releases – Rulings/Determinations

Tax Telegraph, May 2013

ATO Releases – Rulings/DeterminationsATO ID 2013/15

Unpaid present entitlement and bad debt deduction: A taxpayer who was a beneficiary of a trust was not entitled to a deduction under section 25-35 of the ITAA 1997 for unpaid present entitlement amounts that had been written off as bad debts, as the requirement in section 25-35(1)(a) of the ITAA 1997 was not met.

The present entitlement to income resulted in an amount being included in the taxpayer's assessable income under section 97 of the ITAA 1936. Whilst the entitlements may have become debts at a later time (i.e. the right that arises on the creation of a present entitlement is not a debt), neither the entitlements themselves, nor the debts that they gave rise to, were included in assessable income.  

GSTR 2013/1

The ruling sets out the information requirements for tax invoices under section 29-70(1) of the A New Tax System (Goods and Services Tax) Act 1999 (GST Act), and also explains when a document is in the approved form for a tax invoice.

The ruling:

  • Outlines the circumstances where a recipient of a document for a supply can treat that document as a tax invoice even though it does not meet all of the tax invoice requirements;
  • Explains the Commissioner’s power to treat a document as a tax invoice even though it does not meet all of the tax invoice requirements; and
  • Sets out the circumstances in which a supplier need not issue a tax invoice.

The ruling applies from 1 July 2010.

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