Greenwoods & Freehills Weekly Tax Highlights - Week Ended 23.7.10
ATO Documents
Released 21.7.10
Class Ruling
CR 2010/28: Income tax: employment termination payment: WA Construction Industry Redundancy Fund
CR 2010/29: Income tax: employment termination payment: WA Construction Industry Redundancy (No 2) Fund
CR 2010/30: Income tax: Unilife Group restructure - employee share scheme - treatment of unlisted options
Notices of Withdrawal
Taxation Determinations
TD 2004/14: Income tax: capital gains: does CGT event E2 in section 104-60 of the Income Tax Assessment Act 1997 happen if a CGT asset is transferred between two trusts and the beneficiaries and terms of both trusts are the same?
TR 2006/4: Income tax: capital gains: meaning of the words 'the beneficiaries and terms of both trusts are the same' in paragraphs 104-55(5)(b) and 104-60(5)(b) of the Income Tax Assessment Act 1997
Released 23.7.10
Interpretative Decisions
ATO ID 2010/139: Self managed superannuation funds: Subparagraph 17A(3)(b)(i) of the Superannuation Industry (Supervision) Act 1993 - tribunal appointed administrator of the plenary estate of a person with a mental disability.
Withdrawn Interpretative Decisions
ATO ID 2001/11: Eligible Termination Payments (Out of Court Settlement Payment)
Decision Impact Statement
No 3772 of 2009: Deputy Commissioner of Taxation v Law Institute of Victoria
OECD Model Tax Convention 2010 updates
On 22 July 2010, the OECD Council approved the 2010 versions of its Model Tax Convention, Transfer Pricing Guidelines (1995) and Report on the Attribution of Profits to Permanent Establishments (1998). The updates are the result of several years of work to improve these core OECD documents on international tax. The changes to the Model Tax Convention include a new Article 7 (Business Profits) and new text on granting treaty benefits with respect to the income of collective investment vehicles.
Progress of legislation
A Federal Election has been called for 21 August 2010. Those Bills which had not passed through both Houses of Parliament have now lapsed. The lapsed Bills are noted in the table below. Bill Explanatory Memorandum Intro House Passed House Intro Senate Passed Senate Date of Royal assent / Act Number Description Tax Laws Amendment (Confidentiality of Taxpayer Information) Bill 2009 19.11.09 Lapsed Disclosure and Secrecy Provisions Tax Laws Amendment (2010 GST Administration Measures No. 1) Bill 2010 10.2.10 10.3.10 10.3.10 11.3.10 24.3.10/21 GST 17.2.10 13.5.10 13.5.10 17.6.10 28.6.10/75 Division 7A, TFN, Carbon Technology exemptions, DGR Tax Laws Amendment (2010 GST Administration Measures No. 2) Bill 2010 18.2.10 13.5.10 13.5.10 17.6.10 28.6.10/74 GST 17.2.10 13.6.10 15.6.10 17.6.10 29.6.10/79 Tax Law Rewrite Tax Laws Amendment (Foreign Source Income Deferral) Bill (No. 1) 2010 13.5.10 23.6.10 23.6.10 24.6.10 14.7.10/114 Repeal of the FIF Provisions Tax Laws Amendment (Medicare Levy and Medicare Levy Surcharge) 2010 13.5.10 1.6.10 15.6.10 17.6.10 29.6.10/78 Medicare Levy and Medicare Levy Surcharge 13.5.10 17.6.10 21.6.10 Lapsed Refundable R&D Tax Offsets 26.5.10 23.6.10 23.6.10 24.6.10 29.6.10/90 Managed Investment Trust, Thin Cap, Super Co-contribution Tax Laws Amendment (2010 GST Administration Measures No. 3) Bill 2010 26.5.10 21.6.10 22.6.10 23.6.10 29.6.10/78 GST 26.5.10 23.6.10 24.6.10 24.6.10 6.7.10/100 25.5.10 Lapsed CGT, TOFA, Debt Equity, Foreign Currency Gains and Losses, GST, Managed Investment Trusts and DGR 25.6.10 Lapsed Protocol to the Singapore Treaty 24.6.10 Lapsed Superannuation
As At 23.7.10
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