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  • 2020 completed issues

    The following public advice and guidance issues have been completed.

    [3908] Thin capitalisation – bifurcation of financial instruments

    Purpose
    This Determination sets out the ATO view relating to the valuation of a taxpayer’s debt capital in accordance with accounting standards when applying the thin capitalisation rules contained within Division 820 of the Income Tax Assessment Act 1997.

    Outcome
    TD 2020/2 published on 25 March 2020.

    [3926] Transfer pricing – cross border leasing

    Purpose
    This Guideline provides practical guidance on the application of the transfer pricing provisions to cross-border leasing of vessels into Australia, by setting out the ATO's compliance approach to transfer pricing issues relating to the use of mobile offshore drilling units, such as drill-ships, drilling rigs (including but not limited to submersibles, semi-submersibles and jack-up rigs), pipe-laying vessels and heavy-lift vessels.

    Outcome
    PCG 2020/1 published on 19 February 2020.

    [3943] Deductibility of work-related expenses

    Purpose
    This Ruling provides advice on when an employee can deduct a work-related expense under section 8-1 of the Income Tax Assessment Act 1997.

    Outcome
    TR 2020/1 published on 1 April 2020.

    [3970] Self-managed super funds – property development

    Purpose
    This Bulletin outlines the potential tax and regulatory consequences of arrangements self-managed super funds enter into to develop property.

    Outcome
    SMSFRB 2020/1 published on 13 March 2020.

    [3983] Expansion of estimates regime to GST, LCT and WET

    Purpose
    This Practical Compliance Guideline provides guidance on the measure contained in Schedule 3 of the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020, to bring GST, LCT and WET within the existing estimate regime..

    Outcome
    PCG 2020/2 published on 18 March 2020.

    [3996] Salary sacrifice and super guarantee

    Purpose
    This Guidance note addresses law changes introduced by the Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Act 2019 which changed the way salary amounts sacrificed to superannuation are treated when calculating and paying superannuation guarantee from 1 January 2020.

    Outcome
    GN 2020/1 published on 26 March 2020.

    Last modified: 14 Apr 2020QC 61080