Greenwoods and Freehills Weekly Tax Highlights - Week Ended 13.6.08

ATO Documents

Released 11.6.08

Class Ruling
CR 2008/41: Income tax: BT Investment Management Limited - Employee Equity Plan
CR 2008/42: Income tax: proposed return of capital: Equities and Freeholds Limited (previously Goldlink GrowthPlus Limited)
CR 2008/43: Income tax: conversion by Mackay Sugar Co-operative Association Limited to a company registered under the Corporations Act 2001
Product Ruling
PR 2008/56: Income tax: KTC Mahogany Project 2008 (2008 Participants)
Draft Goods and Services Taxation Ruling
GSTR 2008/D2: Goods and services tax: general law partnerships and the margin scheme
Addenda
Goods and Services Tax Ruling
GSTR 2003/13DA: Goods and services tax: general law partnerships
Product Ruling
PR 2008/3A1: Income tax: Australian Bight Abalone Project 2008
Erratum
Taxation Ruling
TR 2008/3ER: equity - identification of any 'effectively non-contingent obligation' of an issuer of a convertible note to provide 'financial benefits' for the purposes of Division 974 of the Income Tax Assessment Act 1997 if the note can be converted at any time at the issuer's discretion into shares that are equity interests in the issuer company
Notice of Withdrawal
Goods and Services Tax Ruling
GSTR 2003/13PW: Partial Withdrawal: Goods and services tax: general law partnerships

Released 13.6.08

New Interpretative Decisions
ATO ID 2008/86: GST and the supply of a residential care facility by way of a lease
ATO ID 2008/87: Fuel Tax Credits: Refrigerated Containers (Reefers) - integral mechanically-driven compressor
ATO ID 2008/88: Fuel Tax Credits: Refrigerated Containers (Reefers) - integral mechanically-driven compressor - application of the road user charge
ATO ID 2008/89: Excess concessional contributions tax: notional taxed contributions - non-accruing member
ATO ID 2008/90: Superannuation contributions: return of fund capped contributions by self-managed superannuation fund
Withdrawn Interpretative Decisions
ATO ID 2001/91: Overtime meal expenses
ATO ID 2001/229: Deduction - agency fee paid to overseas company for services 
ATO ID 2002/190: Expenses in connection with adoption of child
ATO ID 2002/209: Deductibility of rents and utility expenses by employee on premises owned and used by employer
ATO ID 2002/210: Low-Income Tax Offset - eligible termination payments (ETP)
ATO ID 2002/212: Derivation of income - Monies retained in maintenance reserve
ATO ID 2002/247: Partnership deductions - necessary connection to assessable income 
ATO ID 2002/329: Family Tax Assistance - family agreement with spouse
ATO ID 2002/390: Deductions - expenses incurred during volunteer work 
ATO ID 2002/404: Derivation of income - premiums held by Options Clearing House
ATO ID 2002/425: Deduction for meals against Sleepover Allowance
ATO ID 2002/464: Deductibility of payment to spouse - not incurred in earning assessable income
ATO ID 2002/868: GST and membership subscriptions to non-residents
ATO ID 2002/1116: Borrowing costs - Lenders Mortgage Insurance
ATO ID 2003/30: GST and preparation of special export documents
ATO ID 2005/247: GST and accounting services supplied to a non-resident owner of Australian residential rental properties
Taxpayer Alerts
TA 2008/12: Non-cash contributions to superannuation funds

Anderson and FCT AAT Case [2008] AATA 478, 10 June 2008:  The AAT has refused to release the taxpayer from a debt which was issued due to an oversight on the part of the ATO. The ATO issued the taxpayer with an amended asessment. The assessment did not take into account a prior refund. The Tribunal has accepted the ATO's contention that the decision was unable to be reviewed. The Tribunal did note that the taxpayer could seek relief through an application to the Department of Finance and Deregulation.