ATO Releases – Rulings/Determinations
Tax Telegraph, March 2013
Taxation determination (TD)
Income tax: provides an update of amounts that the Commissioner will accept as estimates of the value of goods taken from trading stock for private use in the 2012-2013 year by taxpayers in certain businesses.
Transferring a loss for consolidation purposes: if a joining entity (being a widely held company or an eligible Division 166 company) is seeking to transfer a loss to the head company of an income tax consolidated group (including itself) under Subdivision 707-A of the ITAA 1997, and chooses under section 166-15 of the ITAA 1997 that Subdivision 165-A of the ITAA 1997 is to apply to it for the trial year without the modifications made by Subdivision 166-A (which provides for concessionary loss testing for widely held companies or eligible Division 166 companies), the choice does not prevent the head company from applying Subdivision 166-A of the ITAA 1997 in a subsequent income year when the head company seeks to utilise the transferred loss.
ATO Interpretative Decisions (ATO IDs)
Fringe Benefits Tax (FBT): If an employee changes their usual place of residence to be closer to where they perform the duties of their employment, even though it is not required by their employer, it is considered that the duties of the employee's employment are such that the employee is 'required' to change their usual place of residence in order to perform the duties of their employment for the purposes of paragraph 58B(1)(b)(iii) of the Fringe Benefits Tax Assessment Act 1986 (FBTAA). Section 58B treats removals and storage of household effects as the result of relocation as exempt benefits for FBT purposes.