Greenwoods & Freehills Weekly Tax Highlights - Week Ended 7.5.10

ATO documents

Released 7.5.10

Interpretative Decisions
ATO ID 2010/105: EGCS: off-road credit - marine transport - use of diesel fuel in tractors to load and/or unload a vessel
ATO ID 2010/106: Small business concessions: connected entities - 'control' of an unadministered deceased estate
ATO ID 2010/107: Fuel Tax Credits: refrigerated containers - mechanically-driven compressor - marine transport
ATO ID 2010/108: Employee share trust that acquires shares to satisfy rights provided under an employee share scheme and engages in other incidental activities
ATO ID 2010/109: Employment termination payment paid by an employer and Article 14 of the 2003 UK Convention
ATO ID 2010/110: Assessability of an employment termination payment paid to a foreign resident
ATO ID 2010/111: The basis for including an employment termination payment in the assessable income of a foreign resident
ATO ID 2010/112: Reportable employer superannuation contributions: additional superannuation contributions made by employer
ATO ID 2010/113: Superannuation guarantee: ordinary time earnings and payment in lieu of a flex credit under a certified agreement
ATO ID 2010/114: Capital gains tax: disposal or creation of assets by partners to a wholly-owned company
ATO ID 2010/115: Mining withholding tax: withholding from mining payment - GST inclusive basis
Withdrawn Interpretative Decisions
ATO ID 2001/460: Superannuation contributions tax - Request for approval of another method for surcharge calculations
ATO ID 2002/296: GST and input tax credits for construction of residential premises partly used for business purposes
ATO ID 2002/372: Superannuation guarantee scheme: Salary sacrifice and workers compensation
ATO ID 2002/649: Superannuation contributions - deductions and rebates: Superannuation Spouse Contributions Tax Offset - same sex partner
ATO ID 2004/327: Energy Grants Credits Scheme: agriculture - firebreak maintenance and wildfire control
ATO ID 2005/105: Choice of superannuation fund: choice made before 1 July 2005
ATO ID 2005/43: Capital Gains Tax: small business concessions - connected entities - 'control' of an unadministered deceased estate 
ATO ID 2006/66: Superannuation Guarantee - Ordinary Time Earnings (OTE) and payment of unused flex to non-ongoing employees
ATO ID 2008/34: Notice under the former subsection 82AAT(1C) of the Income Tax Assessment Act 1936: predecessor fund
ATO ID 2008/35: Notice under the former subsection 82AAT(1C) of the Income Tax Assessment Act 1936: successor fund
ATO ID 2008/95: Excess contributions tax: notional taxed contributions - new entrant age

Released 6.5.10

The Government has released exposure draft legislation (and an associated explanatory memorandum) which would amend the Superannuation Industry (Supervision) Act 1993 so that a regulated super fund is not prohibited from acquiring an asset from a related party of the fund if it does so as a result of a “relationship” breakdown of a member (“relationship” here including marriage, and same- and opposite-sex de facto relationships).

Released 6.5.10

The Government has released exposure draft legislation (and associated explanatory memorandum and consultation paper) which would provide transitional relief to complying super funds for the deduction of insurance premiums for Total and Permanent Disability (“TDP”) benefits for the income years 2004-05 to 2010-11. This will effectively defer the start date for the rules in Subdivision 295-G governing the deductibility of insurance premiums for disability superannuation benefits.