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  • Consolidations – Project Refresh

    Consolidating rulings will mean that views currently spread across a number of rulings (and ATO interpretative decisions where relevant) will be combined into a single ruling. This will provide a comprehensive view of a particular issue.

    The consolidation will include other changes, such as contemporary examples and updates to legislative and case references.

    Consolidations being progressed

    Consolidation 1

    IT 167 Treatment for income tax purposes of radio and television competition prizes

    IT 2145 Income tax: BHP awards for the pursuit of excellence – whether assessable income

    Consolidation 2

    IT 2340 Income tax: capital gains: deemed acquisition of assets by a taxpayer after 19 September 1985 where a change occurs in the underlying ownership of assets acquired by the taxpayer on or before that date

    IT 2361 Income tax: capital gains: change in the underlying ownership of assets of a public company

    Consolidation 3

    IT 2346 Income tax : bonuses paid on certain life assurance policies - section 26AH - interpretation and operation

    TD 92/144 Income tax: insurance: does subsection 26AH(4) apply to an owner of a life assurance policy when, as a result of a Court approved merger or takeover, a replacement policy is issued by the merged or acquiring life assurance company?

    TD 92/145 Income tax: insurance: does the date of commencement of risk of a policy of life assurance recommence as a result of a Court approved merger or takeover of a life assurance company where the policy holder is issued with a replacement policy by the merged or acquiring life assurance company?

    Consolidation 4

    TD 92/171 Income tax: capital gains: does the main residence exemption extend to additional land acquired after the time of acquisition of the residence?

    TD 1999/67 Income tax: capital gains: if your land (including land on which your dwelling is situated) exceeds 2 hectares, can you select which 2 hectares the main residence exemption in Subdivision 118-B applies to and, if so, how do you calculate any capital gain or capital loss you make on the remainder of your land?

    TD 1999/68 Income tax: capital gains: is 'adjacent' land in terms of section 118-120 of the Income Tax Assessment Act 1997 limited to land contiguous to a dwelling?

    TD 2000/15 Income tax and capital gains tax: what is meant by the phrase 'to the extent that' in subsection 118-120(1) of the Income Tax Assessment Act 1997 where it refers to 'land that is adjacent to a dwelling ... to the extent that you used the land primarily for private or domestic purposes in association with the dwelling as if it were a dwelling?

    Consolidation 5

    ATO ID 2009/110 Income tax: Self Managed Superannuation Funds: exchange traded options – tax treatment of premiums receivable

    ATO ID 2009/111 Income tax: Self Managed Superannuation Funds: exchange traded options – tax treatment of premiums payable

    ATO ID 2010/7 Income tax: Self Managed superannuation funds: tax treatment of futures contracts

    Note: This consolidation is being carried out incidentally to reviewing TD 2006/25.

    Consolidation 6

    TD 2006/4 Income tax: can an Australian resident entity which keeps its 'accounts' predominantly in a foreign currency, choose to use that foreign currency as its 'applicable functional currency', where the entity is required to prepare financial statements in Australian dollars for statutory reporting purposes?

    TD 2006/7 Income tax: can an Australian resident company required to prepare financial reports under section 292 of the Corporations Act 2001 make a choice to use the 'applicable functional currency' under section 960-60 of the Income Tax Assessment Act 1997, if it is the head company of a consolidated group?

    TD 2006/8 Income tax: can a 'small proprietary company', not required to prepare reports under section 292 of the Corporations Act 2001, make a choice to use the 'applicable functional currency' under item 1 of the table in subsection 960-60(1) of the Income Tax Assessment Act 1997?

    TD 2007/24 Income tax: is the 'applicable functional currency' for the head company of a consolidated group determined by looking at the 'accounts' of all the members of the consolidated group, for the purposes of item 1 of subsection 960-60(1) of the Income Tax Assessment Act 1997?

    Consolidation 7

    TD 2 Capital gains: what are the CGT consequences for the lender (Creditor) when a debt is waived?

    TD 3 Capital gains: what are the CGT consequences for the borrower (debtor) when a debt is waived?

    TD 93/237 Income tax: capital gains: section 160A and subsections 160M(6) and 160M(7) of the Income Tax Assessment Act 1936 were amended by Taxation Laws Amendment Act (No 4) 1992 with the effect from 25 June 1992. Will these amendments have an effect on the views expressed in Taxation Determinations TD 2 and TD 3 in respect of debt waivers?

    Consolidation 8

    TR 93/35 Income tax: medicare levy payable by persons entitled to full free medical treatment: dependants for medicare levy purposes

    TR 93/37 Income tax: Medicare levy – Defence Force personnel on overseas postings

    TD 92/168 Income tax: is a resident merchant seaman, in receipt of full medical cover on board an Australian ship for a specified period of the year, entitled to a Medicare Levy exemption for that period?

    TD 93/103 Income tax: is a 'prescribed person' liable for half the medicare levy if that person maintains a spouse who is not a 'prescribed person'?

    Consolidation 9

    TD 2006/4 Income tax: can an Australian resident entity which keeps its 'accounts' predominantly in a foreign currency, choose to use that foreign currency as its 'applicable functional currency', where the entity is required to prepare financial statements in Australian dollars for statutory reporting purposes?

    TD 2006/7 Income tax: can an Australian resident company required to prepare financial reports under section 292 of the Corporations Act 2001 make a choice to use the 'applicable functional currency' under section 960-60 of the Income Tax Assessment Act 1997, if it is the head company of a consolidated group?

    TD 2006/8 Income tax: can a 'small proprietary company', not required to prepare reports under section 292 of the Corporations Act 2001, make a choice to use the 'applicable functional currency' under item 1 of the table in subsection 960-60(1) of the Income Tax Assessment Act 1997?

    TD 2007/24 Income tax: is the 'applicable functional currency' for the head company of a consolidated group determined by looking at the 'accounts' of all the members of the consolidated group, for the purposes of item 1 of subsection 960-60(1) of the Income Tax Assessment Act 1997?

    Consolidation 10

    IT 2199 Income tax : allowable deductions: travelling expenses between place(s) of employment and/or place(s) of business

    IT 117 Travelling expenses – between home and employment

    TD 96/42 Income tax: is the cost of travel between a taxpayer's residence, being a property on which the taxpayer carries on a business of primary production, and a place of employment or business, deductible?

    Consolidation 11

    IT 2417 Income tax: imputation of company tax: form approved by Commissioner of Taxation for issue to shareholders receiving dividends

    TD 2006/21 Income tax: consolidation: imputation: which entity in a MEC group is responsible for meeting obligations imposed by Part 3-6 (the imputation provisions) of the Income Tax Assessment Act 1997 in relation to a frankable distribution made to members outside the group by an eligible tier-1 company in the group that is not the provisional head company?

    TR 93/40 Income tax: imputation of company tax: form approved by Commissioner of Taxation for issue to shareholders receiving dividends for 1994–95 and later franking years

    Consolidation 12

    TD 92/148 Income tax: capital gains: is there a disposal and an acquisition where joint owners of a block of land subdivide that land into two smaller blocks with each owning one block?

    TD 7 Capital gains: what are the CGT consequences of sub-dividing pre-CGT land?

    Consolidation 13

    IT 2204 Income tax: deductibility of interest payable on convertible notes

    IT 2334 Income tax: convertible notes – meaning of convertible note, note and related instruments

    IT 2427 Income tax: convertible notes – meaning of convertible note, note and related instruments

    IT 2657 Income tax: deductibility of interest payable on convertible notes

    TD 92/160 Income tax: must a loan which is evidenced, acknowledged or created by a convertible note have a specified maturity date for the note to come within section 82SA of the Income Tax Assessment Act 1936?

    Consolidation 14

    IT 2437 Income tax: foreign tax credit system – foreign taxes eligible for credit against Australian income tax

    IT 2507 Income tax: foreign tax credit system – foreign taxes eligible for credit against Australian income tax

    TR 93/4 Income tax: foreign tax credit system: treatment of worldwide unitary taxes and water's edge unitary taxes

    Consolidation 15

    TR 94/29 Income tax: capital gains tax consequences of a contract for the sale of land falling through

    TR 1999/19 Income tax capital gains: treatment of forfeited deposits

    Last modified: 29 Nov 2018QC 50452