Greenwoods and Freehills Weekly Tax Highlights - Week Ended 5.9.08

ATO Documents

Released 3.9.08

Draft Superannuation Guarantee Ruling
SGR 2008/D1: Superannuation guarantee: payments made to sportspersons
Draft Taxation Determination
TD 2008/D12: Income tax: is the deductibility of compound interest determined according to the same principles as the deductibility of other interest?
Addenda
Class Ruling
CR 2006/123: Income tax: Henderson Group plc - return of capital
CR 2007/9: Income tax: capital gains: demerger of Tower Australia Group Limited by Tower Limited
Product Ruling
PR 2008/4: Income tax: TFS Sandalwood Project 2008 - pre 30 June 2008 Growers
PR 2008/23: Income tax: Piangil Grower Project - 2008
PR 2008/25: Income tax: Macquarie Almond Investment 2008 - Early Growers (to 15 June 2008)
PR 2008/38: Income tax: Macquarie Eucalypt Project 2008
Notices of Withdrawal
Taxation Determination
TD 94/85: Income tax: is a taxpayer entitled to a deduction under subsection 59(1) or any other section of the Income Tax Assessment Act 1936 when an item of plant is sold by an agent of the taxpayer and the proceeds of sale are misappropriated by the agent?
Product Ruling
PR 2007/77: Withdrawal Income tax: NTT Mahogany 2006-2008 (2008 Growers)
Erratum
Taxation Ruling
TR 2008/6: Petroleum resource rent tax and income tax: treatment of geosequestration expenditure and receipts

Released 5.9.08

Interpretative Decisions
ATO ID 2008/116: GST and credit card surcharge for payment of an Australian tax, fee or charge
ATO ID 2008/117: Permanent establishment of a US Limited Liability Company 
ATO ID 2008/118: Excise: synthetic hydraulic fluid
ATO ID 2008/119: Excise: ethylene glycol
Withdrawn Interpretative Decisions
ATO ID 2001/697: Excise - Collections - Petroleum - Liability to Pay Excise on Synthetic Hydraulic Fluid. 
ATO ID 2006/76: Excise: collections - petroleum - liability to pay excise duty on ethylene glycol 

Released 2.9.08
Withdrawn Interpretative Decision
ATO ID 2003/93: Assessability of recoupment of legal costs

Released 2.9.08

Colby Corporation Pty Ltd v FCT [2008] FCAFC 10:  The ATO, in this Decision Impact Statement, claims that the decision of the Full Federal Court supports the previously held view of the meaning of the word 'purchase'. The taxpayer's request for special leave to appeal to the High Court was dismissed.  The taxpayer had argued that it had purchased fuel during a mining contract.