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  • Project Refresh consolidations – completed

    The following consolidated rulings have been completed through Project Refresh.

    2018

    The following ruling was published on 31 October 2018: TD 2018/15 Income tax: capital gains: does CGT event D1 happen if a taxpayer grants an easement, profit a prendre or licence over an asset?

    This ruling was developed to consolidate the following rulings, all of which have been withdrawn:

    • IT 2561
      Income tax: capital gains: grants of easements, profits a prendre and licences
    • TD 93/79
      Income tax: capital gains: if a taxpayer owns pre-CGT land and trees and after 19 September 1985 the taxpayer cuts the trees, are there any CGT consequences arising from the subsequent sale of the timber by the taxpayer?
    • TD 93/81
      Income tax: capital gains: a taxpayer owns pre-CGT land and trees. The taxpayer sells timber according to two post-CGT contracts:
      • a contract for granting the purchaser of the timber the right to enter the taxpayer's property over a period of time and remove timber as and when required; and
      • a contract for the sale of the uncut timber.
       
    • TD 93/235
      Income tax: capital gains: how are grants of easements treated for the purposes of the capital gains tax (CGT provisions of the Income Tax Assessment Act 1936?
    • TD 93/236
      Income tax: capital gains: does the principal residence exemption apply to the amount received for the granting of an easement or profits a prendre over land adjacent to a dwelling?
    • TD 96/35
      Income tax: capital gains: when does a person, who on or after 21 September 1989 grants to another a right to cut and remove timber from the grantor's land, dispose of the right? Is it when the right is granted or when the trees are felled?

    The following ruling was published on 14 February 2018: TR 2018/2 Income tax: record keeping and access – electronic records.

    This ruling was developed to consolidate the following rulings, all of which have been withdrawn:

    • TR 2005/9
      Income tax: record keeping – electronic records
    • TD 2002/16
      Income tax: what are the obligations under the Income Tax Assessment Act 1936 where a business chooses to keep some of its records as encrypted information?

    2017

    The following draft ruling was published on 18 October 2017: TR 2017/D8 Income tax: tax treatment of long term construction contracts.

    See also reference [3894] Long term construction contracts.

    This ruling was developed to consolidate the following rulings, all of which have been withdrawn:

    • IT 2450
      Income tax: recognition of income from long term construction contracts
    • TD 92/131
      Income tax: property development: are tender costs to be included in the 'estimated profits basis' calculation under Taxation Ruling IT 2450 and spread over the life of a long-term construction contract, or are they deductible under subsection 51(1) of the Income Tax Assessment Act 1936 in the year in which they are incurred?
    • TD 92/186
      Income tax: property development: can a construction contract which runs for less than twelve months be regarded as a long-term construction contract for the purposes of Taxation Ruling IT 2450?
    • TD 94/39
      Income tax: property development: can costs incurred and income derived under the terms of a long-term construction contract be returned on a completed contract basis?
    • TD 94/65
      Income tax: property development: is a 'management reserve' taken into account in calculating notional taxable income under the estimated profits basis of returning income from a long term construction contract?
    • TD 94/87
      Income tax: property development: where the estimated profits method of recognising income from long-term construction contracts (Taxation Ruling IT 2450) is adopted, how is an estimated 'ultimate loss' arising under a contract to be recognised?

    The following ruling was published on 26 April 2017: TD 2017/11 Income tax: who should be assessed to interest on bank accounts?

    This ruling was developed to consolidate the following rulings, all of which have been withdrawn:

    • IT 2486
      Income tax: children's savings accounts
    • TD 92/106
      Income tax: who should be assessed to interest earned on a joint bank account?
    • TD 92/182
      Income tax: a taxpayer appoints another person as a joint signatory to operate a bank account in the taxpayer's name, if she becomes ill or is absent from Australia for any length of time. The taxpayer retains sole beneficial entitlement to the money in the bank account. Is the appointee assessable on any of the interest income derived?
    • TD 93/148
      Income tax: are monetary gifts received by a child or any interest earned on investing such money treated as 'excepted assessable income'?
    Last modified: 29 Nov 2018QC 52109