Greenwoods & Freehills Weekly Tax Highlights - Week Ended 7.8.09

ATO Documents

Released 5.8.09

Final Class Rulings
CR 2009/39: Income tax: scrip for scrip: acquisition of Ingena Group Limited by UXC Professional Solutions Pty Limited 
CR 2009/40: Income tax: payments assigned to representative public dentists who are employed by community health services to provide public dental services under the Medicare Teen Dental Plan
Final Product Rulings
PR 2009/43: Income tax: FEA Plantations Project 2009 Post 30 June Investors - Woodlot Option 1 
PR 2009/44: Income tax: FEA Plantations Project 2009 Post 30 June Investors - Woodlot Option 2
PR 2009/45: Income tax: FEA Plantations Project 2009 Post 30 June Investors - Woodlot Option 3 
PR 2009/46: Income tax: FEA Plantations Project 2009 Post 30 June Investors - Woodlot Option 4 
PR 2009/47: Income tax: FEA Plantations Project 2009 Post 30 June Investors - Woodlot Unit 5 
PR 2009/48: Income tax: Macquarie Eucalypt Project 2009 (post 30 June 2009 Growers)
Notices
Withdrawals 
TR 2001/6: Income tax: deductibility of commercial website expenditure
PR 2009/29: Income tax: AIL Almond Grower Project - Miralie: 2009 Growers (to 15 June 2009)
PR 2009/42: Income tax: 2009 AIL Red Ironbark Project 
Erratum
PR 2009/14: Income tax: Macquarie Eucalypt Project 2009 (pre 1 July 2009 Growers)

Released 7.8.09

New Interpretative Decision
ATO ID 2009/87: Share Capital Tainting: option premium for the purposes of section 197-25 of the Income Tax Assessment Act 1997

Decision Impact Statement

Released 3.8.09

Romanin v Commissioner of Taxation WAD 19/2008: The Federal Court had found that legal expenses the taxpayer incurred in the conduct of proceedings in an industrial tribunal to receive a payment in lieu of termination notice were deductible under s.8-1 of the ITAA 1997. The ATO's view is that this case can be distinguished from cases in which legal expenses are incurred in seeking compensation for loss of employment, such as in an action for wrongful dismissal or loss of office where the advantage sought is of a capital nature. The ATO's view is that the legal expenses in this case were found to be on revnue account, on the basis that they were incurred in enforcing the taxpayer's contactual entitlements to income as an employee. That is, the character of the advantage the taxpayer sought was on revenue account. Future ATO treatment concerning the deductibility of legal expenses incurred in obtaining such a payment will depend upon the particular circumstances of each case.

Draft Regulations: Tax Agent Services

Released 3.8.09

The Assistant Treasurer has released an exposure draft - Tax Agent Services Regulations and Explanatory Statement outlining the qualifications and necessary work experience requirements for registration as a tax agent or BAS agent under the new tax agent services regime.

Report: Public Binding Advice

Released 7.8.09

The Assistant Treasurer has released the Inspector-General of Taxation's report on  the ATO's administration of public binding advice. The key recommendations of the report are as follows: