Greenwoods & Freehills Weekly Tax Highlights 3.6.11

ATO Documents

Released 1.6.11

Draft Taxation Determinations
TD 2011/D5: Income tax: will the gain or loss resulting from the expiration, sale, termination or exercise of a hedging financial arrangement to which a hedging financial arrangement election applies be determined and allocated in accordance with subsections 230-300(2) and 230-300(3) of the Income Tax Assessment Act 1997 where that expiration, sale, termination or exercise happens before an occurrence of an event listed in the table in section 230-305 of the Income Tax Assessment Act 1997?
TD 2011/D6: Income tax: does the hedge effectiveness test under section 230-365 of the Income Tax Assessment Act 1997 require both retrospective and prospective testing for the purposes of the hedging financial arrangements method?
Class Ruling
CR 2011/52: Income tax: early retirement scheme - East Wimmera Health Service 
Addenda
MT 2008/1: Penalty relating to statements: meaning of reasonable care, recklessness and intentional disregard
MT 2008/2: Shortfall penalties: administrative penalty for taking a position that is not reasonably arguable
MT 2009/1: Miscellaneous taxes: notification requirements for an entity under section 105-55 of Schedule 1 to the Taxation Administration Act 1953

Released 2.6.11

Taxpayer Alert
TA 2011/4: Deductibility of unpaid directors fees 
Practice Statement
PS LA 3461: Superannuation guarantee - remission of additional superannuation guarantee charge imposed under subsection 59(1) of the Superannuation Guarantee (Administration) Act 1992 To provide guidelines to tax officers for the remission, in whole or part, of the additional superannuation guarantee charge imposed under subsection 59(1) of the Superannuation Guarantee (Administration) Act 1992  
Decision Impact Statements
NSD 117 of 2010; NSD 118 of 2010: Gerard Cassegrain & Co Pty Ltd (ACN 000 342 174) v Commissioner of Taxation; Clos Farming Estates Pty Limited (ACN 003 435 256) v Commissioner of Taxation

Released 3.6.11

Interpretative Decisions
ATO ID 2011/42: Deductibility of salary or wages to the extent that employees are engaged in the self-construction of depreciating assets
ATO ID 2011/43: Deductibility of labour on-costs to the extent that employees are engaged on the self-construction of depreciating assets
ATO ID 2011/44: Deductibility of vehicle running costs to the extent that vehicles are used in the self-construction of depreciating assets
PAYG Variations and Notices
OPS 2011/1: Taxation Administration Act Withholding Schedules 2011 

Progress of legislation

As At 3.6.11