Greenwoods & Freehills Weekly Tax Highlights - Week Ended 9.7.10

ATO documents

Released 7.7.10

Class Rulings
CR 2010/25: Income tax: proposed return of capital: Minara Resources Limited
CR 2010/26: Income tax: South Australian Bonded Medical Scholarship Scheme 
Addenda
TR 93/10: Income tax: whether a resident beneficiary of a non-resident trust estate is allowed a credit for Australian withholding tax
TR 97/2: Income tax: income tax concessions for members of the Australian Defence Force serving overseas
CR 2009/14: Income tax: Goldman Sachs JBWere Capital Markets Limited; Goldman Sachs JBWere Group Holdings Pty Limited - Goldman Sachs JBWere Redeemable Capital Securities 

Released 8.7.10

Practice Statement
PS LA 2010/2: Self-managed superannuation funds - approved auditors - disqualification and/or referral to a professional association 

Released 9.7.10

Interpretative Decisions
ATO ID 2010/133: Interest withholding tax: Commitment Fee payable on the undrawn balance of funds available under a credit facility
ATO ID 2010/134: Taxation of financial arrangements: identification of an arrangement - facility agreement - single arrangements
ATO ID 2010/135: Property fringe benefits: gift cards
ATO ID 2010/136: Overseas employment exemption: employee engaged by a subcontracted company to implement a component of RAMSI

Released 5.7.10

The Government has released the final report of the Super System Review (the Cooper Review). The report makes a total of 177 specific recommendations aimed at improving the governance, efficiency, structure and operation of Australia's superannuation system, including 29 recommendations in relation to self-managed superannuation funds. The Government has indicated it will release a response to the report within two months.

Film Tax Offset: exposure draft legislation

Released 9.7.10

Treasury has released exposure draft legislation (and explanatory material) to expand access to film tax offsets. Amendments will be made to: (i) reduce the minimum qualifying expenditure threshold for the Post, Digital and Visual effects offset from $5 million to $500,000; and (ii) remove the requirement for films with production expenditure of between $15 million and $50 million to spend at least 70 per cent of Australian expenditure in order to qualify for the Location Offset.

Tax Agent Services Regulations – exposure draft 

Released 9.7.10

Treasury has released draft regulations (and an explanatory statement) to exclude certain services from the operation of the new tax agent services regime, including tax advice provided by ‘in house providers’ (that is, tax advice provided within a tax consolidated group or between certain other related entities) and services provided by trustees and responsible entities of managed investment schemes.