Greenwoods & Freehills Weekly Tax Highlights - Week Ended 18.6.10

ATO documents

Released 16.6.10

Class Rulings
CR 2010/20: Income tax: scrip for scrip: merger of MyState Financial Credit Union of Tasmania Limited and Tasmanian Perpetual Trustees Limited (MyState Financial Credit Union of Tasmania shareholders)
CR 2010/21: Income tax: scrip for scrip: merger of MyState Financial Credit Union of Tasmania Limited and Tasmanian Perpetual Trustees Limited (Tasmanian Perpetual Trustees shareholders)
CR 2010/22: Income tax: scrip for scrip roll-over: acquisition of units in Mirvac Real Estate Investment Trust by Mirvac Property Trust
Product Ruling
PR 2010/15: Income tax: Australia Wide Timbers Project
Addendum
TD 96/45: Income tax: where a wholesaler's account for trading stock provides a retailer with a prompt payment discount which can be accumulated in an account, applied to the acquisition of new shares or transferred to an affiliated person or persons or company: can the retailer claim a deduction for the full purchase price; and is the discount assessable? 

Released 17.6.10

Lodgment of returns and statements
OPS 2010/2: Lodgment of statements by first home saver account providers for the year ended 30 June 2010 in accordance with the Taxation Administration Act 1953
TPAL 2010/1: Lodgment of returns for the year of income ended 30 June 2009 in accordance with the Income Tax Assessment Act 1936, the Income Tax Assessment Act 1997, the Taxation Administration Act 1953, the Superannuation Industry (Supervision) Act 1993 and the Income Tax (Transitional Provisions) Act 1997
TPAL 2010/2: Lodgment of income tax returns for the year of income ended 30 June 2010 in accordance with the Income Tax Assessment Act 1936 and the Taxation Administration Act 1953 - Child Support Agency - parents with a child support assessment
Decision Impact Statement
2007/5020: Addoug v Commissioner of Taxation
 
Released 18.6.10

Interpretative Decisions
ATO ID 2010/129: GST and agriculture: managed investment scheme - supply of an interest in the managed investment scheme
ATO ID 2010/130: Excise: iced alcoholic beverage (slushie)
ATO ID 2010/131: Legal Expenses: payment in lieu of notice under an employment contract
Withdrawn Interpretative Decisions
ATO ID 2002/656: Legal Expenses - entitlements under an employment contract
ATO ID 2002/754: Deduction - Legal Expenses for spousal maintenance
ATO ID 2003/832: Retirement income entities - trustee has enduring power of attorney in respect of member
ATO ID 2006/318: Capital gains tax: CGT event E2 - settlor excluded from taking benefit
ATO ID 2008/141: Division 719: MEC Groups - Special Conversion Event

Released 15.6.10

Under the existing main residence exemption in Subdivision 118-B of the 1997 Act a taxpayer is exempt from CGT on any gain realised upon a compulsory acquisition of their main residence. The Government proposes that similar relief from CGT be available where any land or structures adjacent to a taxpayer’s main residence are compulsorily acquired, even if the dwelling itself is not. The proposed measures are contained in an exposure draft (and explanatory material) of Tax Laws Amendment (2010 Measures No. 5) Bill 2010. 

Released 16.6.10

Treasury has released a consultation paper entitled: Review of Elections in the Income Tax Law, addressing the advantages and disadvantages of election provisions in the tax law and proposing a set of guidelines to improve the drafting of these provisions in the future.