10. Other business
Introduction of the new TIES
A member observed that the new Taxation Issues Entry System (TIES) initiative had been launched but none of the outstanding TIMS items have been migrated across to it. The member inquired whether this was to have occurred? The member also inquired as to the resourcing to be allocated to the initiative. As the TIES initiative operates outside the Tax Office and is managed by an external Committee, which of the two forums (TIES or NTLG forums) would receive priority in resourcing, to resolve issues raised in their respective forums?
A tax office member of this forum would look into migration of existing issues and resource allocation. The Chair advised that generally issues on the new TIES process would have to be prioritised and resourced accordingly.
Action item
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FSISG 1108/5
Resourcing for issues raised through TIES or the NTLG forums.
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Description
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Determine the status of outstanding TIMs issues and whether they are to migrated to the TIES process. Liaise with the NTLG co-ordinator to determine the resourcing priority of issues raised via both processes.
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Responsibility
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Tax Office
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Due date
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By next meeting
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Interaction of main NTLG and sub-groups
A member inquired as to how the various NTLG forums interact.
The Tax Office advised that this sub-group is one of a number of sub-groups that come under the umbrella of the main NTLG. Each of the sub-groups and the main NTLG liaise on issues which may cross the boundaries of each forum.
The Chairs of the sub-groups meet with the chair of the NTLG before the main NTLG meetings.
Items submitted at the July Meeting of the NTLG FSI Sub-group by PWC.
(Agenda item submitted by PWC at the last meeting but not fully addressed at that meeting.)
Eligibility of a foreign hybrid entity to become a subsidiary member of an existing Australian income tax consolidated group
The Tax Office advised that this technical issue is being handled by the NTLG Consolidations Sub-group together with the International Centre of Expertise. Professional members asked whether the NTLG Consolidations Sub-group minutes can be provided in relation to this issue.
The Tax Office advised they would make inquiries and report back at the forums next meeting.
Action item
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FSISG 1108/6
Eligibility of a foreign hybrid entity to become a subsidiary member of an existing Australian income tax consolidated group.
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Description
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Provide an update on any work performed on this issue by the NTLG Consolidations Sub-group
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Responsibility
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Tax Office
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Due date
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By next meeting
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ATO ID 2007/63 was withdrawn on 8 February 2008 which dealt with the single entity rule and foreign branch transactions. What is the timeframe for any replacement product?
This matter has been already raised with the NTLG Consolidations Sub-group. Professional members asked whether the NTLG Consolidations Sub-group minutes can be provided in relation to this issue.
The Tax Office advised they would make inquiries and report back at the forums next meeting.
Action item
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FSISG 1108/7
Thin capitalisation and the single entity rule and foreign Branch Transaction. Withdrawal of ATO ID 2007/63.
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Description
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Provide an update on any work performed on this issue by the NTLG Consolidations Sub-group.
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Responsibility
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Tax Office
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Due date
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By next meeting
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Classification of an interest in a Guernsey Protected Cell Company (GPCC), (ATO ID 2008/23). What impact does this ATO ID have on the following; an investment by redeemable preference share (RPS) in a GPCC, whether attribution may apply and the application of 23AJ ITAA 1936 to dividends received on the RPS?
This matter is no longer an issue for the professional member who raised it.
The treatment of Foreign Hybrids in Sub-division 768-G. (related item (FSICG 1104/07). Will the Tax Office release a draft of the final tax determination to members of the FSISG prior to a more general release to taxpayers to allow FSISG members to have the opportunity to comment?
This matter is no longer an issue for the Professional member who raised it.
In relation to Draft Taxation Determination TD 2007/D14 and TD 2007/D15 which the Tax Office intends to finalise soon, could the Tax Office please provide an explanation as to the grounds on which the rulings panel dismissed PricewaterhouseCoopers' submission in relation to these TDs. (related to FSISC 1104/08).
This matter is no longer an issue for the Professional member who raised it.
Miscellaneous items
A professional member asked whether the NTLG FSI Sub-group forum would be the appropriate place to discuss a recent income tax case dealing with section 255 (ITAA 1936) and Australia's income tax treaties.
The Tax Office advised that the NTLG FSI Sub-group forum is not the appropriate forum.
A professional member asked which area of the Tax Office could discuss the recent release of a Taxpayer Alert concerning the application of Division 855 (ITAA 1997).
The Tax Office advised that the NTLG CGT and Losses Sub-group forum is the appropriate forum in which to raise such an issue.
A further question was raised as to the application of the transfer pricing provisions with respect to branch operations in to and out of Australia.
The Tax Office advised that the NTLG Transfer Pricing Sub-group forum is the appropriate forum in which to raise such an issue.
Sections within Agenda items
Last Modified: Friday, 21 May 2010