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ATO Releases – Rulings/Determinations

Tax Telegraph, September 2013

Draft TR (2013/D4) on petroleum exploration:

This Draft Ruling, released on 21 August 2013, considers the meaning of the phrase "…involved in or in connection with exploration for petroleum …" in para 37(1)(a) of the Petroleum Resource Rent Tax Assessment Act 1987 (PRRT Act).

According to the Draft, once petroleum is discovered, operations and facilities which serve to evaluate the discovery (ie non-exploration evaluation activities) are not involved in or in connection with exploration for petroleum. It indicates that carrying on or providing the operations and facilities in undertaking such feasibility studies may fall within para 38(1)(a) of the PRRT Act and can receive recognition as general project expenditure only once there is a petroleum project in relation to a production licence that is in force.

GST Ruling (GSTR 2013/2):

This GST Ruling, released on 21 August 2013, sets out the requirements for adjustment notes under Div 29 of the GST Act. It outlines when a document is an approved form for an adjustment note, the information requirements the Commissioner has determined unders 29-75(1)(c) and when the Commissioner will treat a particular document as an adjustment note even though that document does not meet all of the adjustment note requirements.

Early retirement scheme Class Ruling (CR 2013/67):

On 21 August 2013, the ATO issued Class Ruling CR 2013/67 (Early retirement scheme for State Services Authority (Vic)). It applies to employees of State Service Authority (Vic) who receive a payment under the scheme as described in the Ruling. The Ruling states that the retirement scheme to be implemented by the State Services Authority (Vic) is an early retirement scheme for the purposes of s 83-180 of the ITAA 1997. Further, it states that the early retirement scheme payment that falls within the threshold calculated in accordance with s 83-170 is non-assessable non-exempt income.

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