Greenwoods and Freehills Weekly Tax Highlights - Week Ended 20.3.09

ATO Documents

Released 18.3.09

Taxation Determinations
TD 2009/6: Fringe benefits tax: for the purposes of Division 7 of Part III of the Fringe Benefits Tax Assessment Act 1986, what amount represents a reasonable food component of a living-away-from-home allowance for expatriate employees for the fringe benefits tax year commencing 1 April 2009?
TD 2009/7: Fringe benefits tax: what are the rates to be applied on a cents per kilometre basis for calculating the taxable value of a fringe benefit arising from the private use of a motor vehicle other than a car for the fringe benefits tax year commencing on 1 April 2009?
TD 2009/8: Fringe benefits tax: for the purposes of section 28 of the Fringe Benefits Tax Assessment Act 1986 what are the indexation factors for valuing non-remote housing for the fringe benefits tax year commencing on 1 April 2009? 
TD 2009/9: Fringe benefits tax: for the purposes of section 135C of the Fringe Benefits Tax Assessment Act 1986, what is the exemption threshold for the fringe benefits tax year commencing on 1 April 2009? 
Product Rulings
PR 2009/10: Income tax: ITC Diversified Forestry Project 2009
PR 2009/11: Income tax: 2007 Macgrove Project (2009 Growers)
Addenda
Class Ruling
CR 2008/24: Fringe benefits tax: employer clients of Australia and New Zealand Banking Group Limited who are subject to the provisions of section 57A of the Fringe Benefits Tax Assessment Act 1986 whose employees make use of the ANZ Business One - Salary Packaging Card facility Product Ruling
Product Ruling
PR 2008/73: Income tax: Rewards Group Premium Timber Project 2009

Released 20.3.09

Interpretative Decisions 
ATO ID 2009/13: Assessability of discount on options granted under an employee share scheme by an Australian resident company to a director who is a resident of South Africa
ATO ID 2009/14: Wine Equalisation Tax: cider manufacture - the combining of apple juice condensate, apple juice concentrate and water to produced apple juice for fermentation 
ATO ID 2009/15: Wine Equalisation Tax: cider manufacture - adding sugar to apple juice prior to fermentation

Tax Laws Amendment (Small Business and General Business Tax Break) Bill 2009 and accompanying explanatory memorandum was introduced into the House of Representatives on the 19.3.09.  The Bill amends the income tax law by providing a temporary income tax deduction for new investment in tangible depreciating assets undertaken between 13 December 2008 and 31 December 2009. The Bill implements the measures announced by the Government in February. The deduction will increase and extend the 10% investment allowance deduction previously announced by the Government on 12 December 2008. Greenwoods & Freehills has released a Tax Brief on the Bill.

Tax Laws Amendment (2009 Measures No 2) Bill 2009 and accompanying explanatory memorandum was introduced into the House of Representatives on 19.3.09. The Bill introduces a number of measures. Access to the small business Capital Gains Tax (CGT) concessions will be increased and a general exemption from CGT for capital gains arising from a right or entitlement to a tax offset, deduction or similar benefit will be implemented. The Bill also contains a number of smaller amendments including changes to the ABN regime, introduction of an urban water tax offset, an update to the deductible gift recipient list and a change to the limit on claims under the Fuel tax credits regime.

International Tax Agreements Amendment Bill (No. 1) 2009 and accompanying explanatory memorandum was introduced into the House of Representatives on 19.3.09. The Bill introduces the previously announced tax information exchange agreements with the British Virgin Islands and the Isle of Man.