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Weekly tax highlights

Greenwoods & Freehills Weekly Tax Highlights - Week Ended 22.1.10

ATO Documents

Released 22.1.10

New Interpretative Decisions
ATO ID 2010/16: Eligible investment business: loan - Division 6C of the Income Tax Assessment Act 1936
ATO ID 2010/17: Eligible investment business: 'other security' - Division 6C of the Income Tax Assessment Act 1936
ATO ID 2010/18: GST and financial supplies made by a time-sharing scheme developer 
ATO ID 2010/19: GST and the supply of excess accommodation by a time-sharing scheme
ATO ID 2010/20: GST and supplies of an interest in a time-sharing scheme to non-residents overseas 

Exposure Draft - GST Administration

Released 22.1.10

Treasury has released an Exposure Draft: GST Administration Measures and Explanatory Memorandum. The Exposure Draft proposes changes originally announced in the 2009-2010 Federal Budget. These changes include allowing self-assessment of eligibility to form GST groups and joint ventures, and the introduction of indirect tax sharing agreements for GST groups to allow for "clear exits". The measures would also include the indirect tax ruling system and excise advice within the income tax rulings system and streamlining of tax invoice requirements.

Australia and Chile agree on tax treaty

Announced 22.1.10

On 22 January 2010, the Assistant Treasurer announced that Australia and Chile have reached an agreement in principle on the first income tax treaty between the two countries. No indication was given as to when the treaty is expected to be signed and introduced into the respective Parliaments.

Tax Case

Luxottica Retail Australia Pty Limited and Commissioner of Taxation [2010] AATA 22 (15 January 2010): The AAT has held that the supply of spectacles that comprised prescription lenses fitted into frames constituted a single supply. The taxpayer had argued that an offered discount related only to the frames even though the lenses were a required part of the sale. The AAT agreed with the Commissioner that the taxpayer made one supply.

Progress of Legislation

As at 22.1.10

Bill
  

 

Explanatory Memorandum  

 

Intro House

Passed House

Intro Senate

Passed Senate

Date of Royal assent / Act Number

 Description

Carbon Pollution Reduction Scheme (Consequential Amendments)No 2 Bill 2009

EM
 

22.10.09

 

 

 

 


.

 

Carbon Production Reduction Scheme, Income Tax And GST Treatment 

Customs Tariff Amendment (2009 Measures No 1) Bill 2009 [No 2]

EM

22.6.09

22.6.09

23.6.09

13.8.09

27.8.09/74

Bill to increase the customs duty rate applying to certain alcoholic beverages

Excise Tariff Amendment (2009 Measures No 1) Bill 2009 [No 2]

EM

22.6.09

22.6.09

23.6.09

13.8.09

27.8.09/73

Bill to increase the excise rate applying to certain alcoholic beverages

Income Tax (TFN Withholding Tax (ESS)) Bill 2009

EM

21.10.09

16.11.09

17.11.09

2.12.09

14.12.9/132

Bill to increase the excise rate applying to certain alcoholic beverages

International Tax Agreements Amendment Bill (No. 1) 2009

EM

 

19.3.09

16.9.09

17.9.09

 

17.9.09


.

8.10.09/105

Tax Information Exchange Agreement: British Virgin Islands and Isle of Man 

International Tax Agreements Amendment Bill (No. 2) 2009

EM

 

25.11.09

 

 

 

 


.

 

New Zealand Treaty, Belgian Protocol; Jersey Allocation of taxing rights

Tax Agent Services (Transitional Provisions and Consequential Amendments) Bill 2009

EM

24.6.09

27.10.09

29.10.09

29.10.09

16.11.09/114

Employee Share Schemes

Tax Laws Amendment (2009 Measures No 4) Bill 2009

EM

25.6.09

7.9.09

8.9.09

10.9.09

18.9.09/88

R&D, Prescribed private funds, Demutualisation of friendly societies, Consolidation

Tax Laws Amendment (Budget Measures No. 2) Bill 2009

EM

21.10.09

16.11.09

17.11.09

2.12.09

14.12.09/133

Employee Share Schemes, Non-Commercial Losses, Lost Superannuation 

Tax Laws Amendment (Confidentiality of Taxpayer Information) Bill 2009

EM

19.11.09

 

 

 

 

Disclosure and Secrecy Provisions

Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) Bill 2009

EM 

28.5.09

 4.6.09

 15.6.09

 

15.6.09 


.

23.6.09/41

Medicare Levy and Medicare Levy Surcharge

Tax Laws Amendment (2009 GST Administration Measures) Bill 2009

EM
 

25.11.09

 

 

 

 


.

 

GST,

Tax Laws Amendment (Political Contributions and Gifts) Bill

EM
  

 

27.8.08

13.10.08
 

14.10.08

 

3.2.09


.

 

Removes Tax Deductibility of Political Donations, GST

Tax Laws Amendment (2009 Measures No 5) Bill 2009 

EM

 

16.9.09

29.10.09

16.11.09

 

26.11.09


.

4.12.09/118

GST, PAYG Instalments, Bushfire Appeal

Tax Laws Amendment (2009 Measures No. 6) Bill 2009

EM
 

25.11.09

 

 

 

 


.

 

CGT Cloning Exemption, Super Fund Mergers, DGR, Flood Victim Payments, Spirits Excise Rates