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ATO Releases – Rulings/Determinations

Tax Telegraph, August Issue

ATO Releases – Rulings/DeterminationsTaxation Rulings

TR 2012/D5

The Ruling discusses stapled group arrangements and sets out the Commissioner’s preliminary views as to when an interest in a company will be taken to be an interest that is held by a public unit trust that is a connected entity of the company, for the purposes of paragraph 974-80(1)(b) of the ITAA 1997. Comments on the draft ruling are due by 7 September 2012.

GSTR 2012/D3

Sets out the minimum information requirements for a GST ‘tax invoice’; explains when a document is in the approved form for a tax invoice; examines the circumstances when a document for a supply can be treated as a tax invoice even though it does not meet all of the tax invoice requirements; and explains how the threshold for low value transactions applies such that a tax invoice is not required. It also includes a summary, at Appendix 2, of the circumstances where the Commissioner has determined that an input tax credit is attributable to a tax period without the recipient of the supply being required to hold a tax invoice.

Appendix 2 includes links to 10 draft legislative instruments (and their accompanying draft explanatory statements) that cover circumstances in which the Commissioner also proposes to determine in writing that a tax invoice is not required to be held for an input tax credit to be attributable to a tax period. The Commissioner has invited public consultation on the draft ruling and legislative instruments. GSTR 2012/D3 replaces the previous draft ruling about tax invoices, GSTR 2011/D1, which is withdrawn on and from 25 July 2012.  

ATO IDs regarding Division 7A

ATO ID 2012/60

If a private company makes a loan in an income year (the original loan) and, in the following income year (and before the relevant lodgement day) puts in place a written loan agreement which amounts to a new loan, section 109D of the ITAA 1936 applies to the original loan in the income year in which the original loan is made.

ATO ID 2012/61

If a private company makes a loan in an income year and, in respect of the loan, in the following income year (and before the relevant lodgement day) puts in place an agreement that satisfies the criteria in section 109N of the ITAA 1936, the income year in which an amalgamated loan is taken to be made (for the purposes of section 109E of the ITAA 1936) is the income year in which the loan is made. The putting in place of a complying loan agreement, in respect of a loan, does not alter the date on which the loan was made.

ATO ID 2012/62

In circumstances where all unpaid present entitlements (UPEs) in a fixed trust are mixed with the trust fund but employed by the trustee to benefit all corporate beneficiaries (by retiring trust debt) in the exact same proportion as each UPE bears to the total of all UPEs, a loan will not arise under section 109D of the ITAA 1936.

Other releases

Amendments to RTFI and residual tax cost setting rules – administrative treatment:

The ATO has updated its administrative treatment in relation to the amendments to the tax consolidation rights to future income (RTFI) and residual tax cost setting rules (see Tax Laws Amendment (2012 Measures No.2) Act 2012). The ATO had previously accepted tax returns as lodged during the period up until the proposed amendments were enacted. It now advises that taxpayers will now need to review their positions back to the 2002-03 income year. Taxpayers that have lodged ruling requests, objections or amendment requests will be contacted by the ATO in due course.

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