• Rewrites – Project Refresh

    We will rewrite a ruling when a substantial update is required. As part of the rewrite, we will look to provide examples of contemporary transactions, and update legislative references (including developments in case law). We also aim to use a clearer writing style for rewrites.

    The following public rulings may be rewritten under Project Refresh. You are invited to comment on these rewrites by 30 November2017. This can be done by email.

    IT 88
    Income Tax: Trading Stock - Commonwealth securities held by authorised dealers in the short term money market

    IT 2680
    Income tax: withholding liability of non-resident beneficiaries of Australian trusts

    Rewrites being progressed

    The following rewrites are being progressed under Project Refresh.

    TD 8
    Capital Gains: How does CGT apply to the amalgamation of two adjoining titles?

    TD 14
    Capital Gains: Will payments made under Accident & Health Assurance policies be exempt from CGT?

    TD 17
    Capital Gains: When an option to acquire an asset has been exercised, from what date can the option fee be indexed?

    TD 33
    Capital Gains: How do you identify individual shares within a holding of identical shares?

    TD 92/104
    Income tax: foreign income: how are elections to be made by a controlled foreign company (CFC)?

    TD 92/190
    Income tax: is the installation cost of an in-ground swimming pool an allowable deduction to a primary producer if the water is used on occasions for fire fighting purposes?

    TD 94/8
    Income tax: how is the proportion of a lump sum payment on termination of employment that relates to unused annual leave that accrued in respect of service before 18 August 1993 calculated for the purposes of section 159S of the Income Tax Assessment Act 1936?

    TD 2006/40
    Income tax: does subsection 40-230(1) of the Income Tax Assessment Act 1997 reduce the first element of the cost of a car designed mainly for carrying passengers by the amount of any input tax credit the taxpayer is or becomes entitled to for the acquisition or importation of the car before the car limit is applied?

    TR 92/15
    Income tax and fringe benefits tax: the difference between an allowance and a reimbursement

    TR 93/7
    Income tax: whether penalty interest payments are deductible

    TR 93/30
    Income tax: deductions for home office expenses

    IT 131
    Division 10B – research and preparation expenses of authors

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

    IT 316
    Minor beneficiaries: court or damages trusts

    IT 2167
    Income Tax: rental properties – non-economic rental, holiday home, share of residence, etc. cases, family trust cases

    IT 2217
    Income tax deductions: medical appliances

    IT 2226
    Income tax: building societies: co-operative companies deduction of interest on amounts advanced by depositors

    IT 2289
    Income tax: valuation of trading stock – average cost or actual cost

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

    IT 2350
    Income tax: value of trading stock on hand at the end of year: cost price: absorption cost

    IT 2423
    Withholding tax: whether rental income constitutes proceeds of business – permanent establishment – deduction for interest

    IT 2460
    Income tax: disability insurance – deductibility of premiums

    IT 2468
    Income tax: withholding tax: building societies investments: interest or dividends

    IT 2484
    Income tax: capital gains: time of acquisition of patent

    IT 2526
    Income tax: averaging of incomes – application of section 155 of the Income Tax Assessment Act permanent reduction of income

    IT 2534
    Income tax: taxation treatment of directors, fees, bonuses, etc

    IT 2542
    Income tax: taxation position of United States non-government pensions

    IT 2554
    Income tax: Australia/Italy double taxation agreement: Italian pensions derived by Australian residents

    IT 2581
    Income tax: the rendering of services by a scholarship holder

    IT 2631
    Income tax: lease incentives

    IT 2606
    Income tax: deduction for interest on borrowings to fund share acquisitions

    IT 2622
    Income tax: present entitlement during the stages of administration of deceased estates

    IT 2625
    Income tax: deductibility of audit fees

    IT 2655
    Income tax: betting and gambling – whether taxpayer carrying on business of betting or gambling

    IT 2656
    Income tax: deductibility of takeover defence costs

    IT 2674
    Income tax: gifts to missionaries, ministers of religion and other church workers – are the gifts income?

    IT 2684
    Income tax: deductibility of interest on money borrowed to acquire units in a property unit trust

    Last modified: 16 Nov 2017QC 50451