Greenwoods and Freehills Weekly Tax Highlights - Week Ended 8.8.08

ATO Documents

Released 6.8.08

Class Rulings
Class Ruling CR 2008/52: return of capital: in specie distribution of shares by Legend Mining Limited
Class Ruling CR 2008/53: return of capital: Emperor Mines Limited
Notices of Withdrawal
Tax Rulings
IT 2442: Concession for eligible research and development expenditure
IT 2451: Investor funding of research and development activities
IT 2552: R&D - costing of expenditure
Product Ruling
PR 2007/63: Great Southern Plantations 2008 Project
Addenda
GST Rulings
GSTR 2000/17: GST: tax invoices
GSTR 2003/9: GST: financial acquisitions threshold

Released 8.8.08

ATO ID 2008/110: Capital Gains Tax: debt arising from the provision of services - whether same amount can be both ordinary income and a capital gain
ATO ID 2008/111: Complying superannuation fund: deduction for increased amount of superannuation lump sum death benefit - earnings foregone 
ATO ID 2008/112: Complying superannuation fund: deduction for increased amount of superannuation lump sum death benefit - expenses in relation to contributions

Released 7.8.08

The Assistant Treasurer has announced a soft start date of 1 July 2009 and a hard start date of 1 July 2010 for the TOFA reforms. The announcement was part of an address given at the IFSA Conference. In the address the Assistant Treasurer also mentioned that the Board of Taxation will soon be calling for submissions on a discussion paper for the managed investment trust regime. 

Lilyvale Hotel Pty Limited v FCT [2008] FCA 1031: The taxpayer has appealed to the Full Federal Court. The Federal Court had affirmed the Commissioner's decision that the taxpayer was not entitled to a deduction for prior year losses because it did not satisfy the requirements of the same business test for the relevant test period.