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  • 2021 completed issues

    The following public advice and guidance issues have been completed.

    COVID-19 related guidance – bad debts

    Purpose
    To provide advice about deductions for bad debts during the COVID-19 pandemic

    Outcome
    We have updated our web content to provide general guidance on bad debts which covers all circumstances (including COVID-19). On this basis, we have determined that it is no longer necessary to provide specific COVID-19 related guidance on bad debts.

    [3688] Promoter penalty laws

    Purpose
    This Practice statement provides guidance to ATO staff on the relevant administrative processes when applying the promoter penalty laws in:

    • Division 290 of Schedule 1 to the Taxation Administration Act 1953, and
    • section 68B of the Superannuation Industry (Supervision) Act 1993 dealing with the promotion of illegal early release superannuation schemes.

    Outcome
    Law Administration Practice Statement PS LA 2021/1 Application of the promoter penalty laws published on 8 April 2021.

    [3756] Deduction for work-related travel expenses

    Purpose
    This Ruling clarifies when deductions are available for work-related travel expenses.

    Outcome
    Taxation Ruling TR 2021/1 Income tax: when are deductions allowed for employees’ transport expenses? published on 17 February 2021.

    [3768] Personal services income – attribution and deductions

    Purpose
    This draft Ruling proposed to provide a consolidation of TR 2003/6 Income tax: deductions that relate to personal services and TR 2003/10 Income tax: attribution of personal services income.

    Outcome
    After completing our review of this issue, we have reconsidered the need for this Ruling and are exploring whether other products, such as web content, may provide the appropriate guidance on this topic.

    [3777] Receiver’s obligation to retain money in respect of post-appointment tax liabilities

    Purpose
    This Determination sets out the Commissioner's view on a receiver's obligation to retain money in respect of post-appointment tax liabilities.

    Outcome
    Taxation Determination TD 2021/5 Income tax: what is a receiver’s obligation to retain money for post-appointment tax liabilities under section 254 of the Income Tax Assessment Act 1936? published on 19 May 2021.

    [3863] Fringe benefits tax – car parking fringe benefits

    Purpose
    This Ruling updates Taxation Ruling TR 96/26 Fringe benefits tax: car parking fringe benefits (withdrawn) to reflect contemporary commercial car parking arrangements and legal developments, including the Federal Court decisions in Commissioner of Taxation v. Qantas Airways Ltd [2014] FCAFC 168 and Virgin Blue Airlines Pty Ltd v Commissioner of Taxation [2010] FCAFC 137.

    Outcome
    Taxation Ruling TR 2021/2 Fringe benefits tax: car parking benefits published on 16 June 2021.

    [3950] OECD hybrid mismatch rules

    Purpose
    This Ruling provides the Commissioner’s view in relation to the hybrid mismatch targeted integrity rule in Subdivision 832-J of the Income Tax Assessment Act 1997.

    Outcome
    Law Companion Ruling LCR 2021/1 OECD hybrid mismatch rules – targeted integrity rule published on 13 January 2021.

    [3968] Small business concessions – active asset test

    Purpose
    This Determination provides advice that a company that carries on a business in a general sense, but whose only activity is renting out an investment property cannot claim the CGT small business concessions.

    Outcome
    Taxation Determination TD 2021/2 Income tax: can a company that carries on a business in a general sense as described in Taxation Ruling TR 2019/1 Income tax: when does a company carry on a business? but whose only activity is renting out an investment property claim the capital gains tax small business concessions in relation to that investment property? published on 24 February 2021.

    [3982] Development lease arrangements in the ACT

    Purpose
    This Determination clarifies our view of the GST outcomes of development lease arrangements in the Australian Capital Territory.

    Outcome
    Goods and Services Tax Determination GSTD 2021/1 Development works in the Australian Capital Territory published on 31 March 2021.

    [3987] Retention of refunds on outstanding notifications

    Purpose
    This Practice statement outlines how the Commissioner will administer the Government’s extension to the Commissioner’s discretion to retain tax refunds in Schedule 4 of the Treasury Laws Amendment (Combating Illegal Phoenixing) Act 2020.

    Outcome
    Law Administration Practice Statement PS LA 2021/2 The ATO's administrative approach to the extension of the Commissioner's discretion to retain tax refunds published on 22 April 2021.

    [3988] Hybrid instruments – market value

    Purpose
    This Guideline provides a practical compliance approach for determining the market value of certain hybrid securities when they are bought back or redeemed (as relevant) from an investor holding their hybrid securities on capital account.

    Outcome
    Practical Compliance Guideline PCG 2021/1 Application of market value substitution rules when there is a buy-back or redemption of hybrid securities - methodologies for determining market value for investors holding their securities on capital account published on 13 January 2021.

    [3999] Compensation payments made by financial institutions

    Purpose
    Guidance has been prepared to advise:

    • income tax consequences of individuals receiving underpaid credit interest, and
    • withholding and reporting obligations of financial institutions as a consequence of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

    Outcome
    Fact sheet entitled PAYG withholding and reporting obligations relating to remediation payments published on 9 April 2021.

    [4010] Fuel tax credits – basic heavy vehicle apportionment method

    Purpose
    This Guideline provides simple formulas which allow small claimants in the transport industry to apportion fuel used (on public roads and for other purposes) and to calculate their fuel tax credit entitlement.

    Outcome
    Practical Compliance Guideline PCG 2021/2 Fuel tax credits – basic heavy vehicle apportionment method published on 5 February 2021.

    [4011] Overtime meal allowance expenses – substantiation exception

    Purpose
    This draft Ruling proposed to provide the Commissioner’s compliance approach regarding the substantiation of overtime meal allowance expenses. The Ruling would have partially replaced Taxation Ruling TR 2004/6.

    Outcome
    This Ruling will not be progressing as the view contained within TR 2004/6 has not changed. New and updated web content will instead be developed to assist clients to meet their requirements.

    [4012] Travel allowance expenses – substantiation exception

    Purpose
    This draft Ruling proposed to provide the Commissioner’s compliance approach regarding the substantiation of travel allowance expenses. The Ruling would have partially replaced Taxation Ruling TR 2004/6.

    Outcome
    This Ruling will not be progressing as the view contained within TR 2004/6 has not changed. New and updated web content will instead be developed to assist clients to meet their requirements.

    Last modified: 05 Jul 2021QC 64677