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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.

    [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: attribution of personal services income and TR 2003/10 Income tax: deductions that relate to 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.

    [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 Goods and services tax: development works in the Australian Capital Territory published on 31 March 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.

    [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 method for heavy vehicles published on 5 February 2021.

    Last modified: 07 Apr 2021QC 64677