[3702] Capital allowances - composite items
Title
Final Taxation Ruling
Income tax: composite items and identifying the depreciating asset for the purposes of working out capital allowances
Purpose
The final Ruling will consolidate current ATO views into a taxation ruling.
Expected completion
To be advised
Comments
Draft TR 2017/D1 published on 18 January 2017. Due to the time that has elapsed since the release of the draft Ruling and subsequent developments in the law, a revised draft TR 2023/D2 issued on 4 October 2023. Comments period closes on 3 November 2023.
Contact
[3718] Corporate limited partnership 'credits'
Title
Final Taxation Ruling
Income tax: when does a corporate limited partnership 'credit' an amount to a partner in that partnership?
Purpose
The final Ruling will clarify when an amount is credited within the meaning of section 94M of the Income Tax Assessment Act 1936.
Expected completion
To be advised
Comments
Draft TR 2017/D4 published on 17 May 2017.
Contact
Jo Torrens, Office of the Chief Tax Counsel
Phone: (02) 9374 2035
[3887] Infrastructure privatisation framework
Title
Taxation of Public Private Partnerships for social infrastructure projects
Purpose
This guidance will outline the ATO's position on the taxation of 'standard-form' securitised licence structure social infrastructure Public Private Partnerships
Expected completion
Early 2024
Comments
Draft guidance was issued for consultation on 31 January 2017. Finalisation of this item has been delayed due to enactment of new legislation and priority work.
Staged updates have commenced and are planned to be released on the Legal Database.
Contact
Blake Sly, Public Groups and International
Phone: (02) 4923 1814
Blake.sly@ato.gov.au
[3898] Early stage innovation company - expense tests
Title
Final Taxation Determination
Income tax: tax incentives for early stage investors: what is an 'expense' that is 'incurred' for the early stage test?
Purpose
The final Determination will set out the Commissioner's view on the expenses taken into account in determining whether a company meets the early stage limb of the early stage innovation company tests.
Expected completion
November 2023
Comments
Draft TD 2019/D5 published on 28 August 2019. Comments period closed on 11 September 2019. Finalisation of this item has been delayed due to other priority work.
Contact
Tom Rengers, Private Wealth
Phone: (07) 3213 6955
[3899] Division 7A - undue hardship - corporate trustees
Title
Draft Taxation Determination
Income tax: can a corporate trustee be caused to suffer undue hardship due to payment of a debt for the purposes of subsection 109G(4) of the Income Tax Assessment Act 1936?
Purpose
The draft Determination will set out the Commissioner's preliminary view on whether a corporate trustee could suffer undue hardship on payment of a debt owed to a company for the purposes of subsection 109G(4) of the Income Tax Assessment Act 1936.
Expected completion
To be advised
Comments
Finalisation of this item has been delayed due to other priority work.
Contact
Peter Glindemann, Office of the Chief Tax Counsel
Phone: (07) 3213 5401
[3957] Taxation privileges and immunities of international organisations and persons connected with them
Title
Final Taxation Ruling
Income tax: income of international organisations and persons connected with them that is exempt from income tax
Purpose
The final Ruling will update the ATO view in TR 92/14 Income tax: taxation privileges and immunities of prescribed International Organisations and their staff following the High Court decisions in Macoun v Commissioner of Taxation [2015] HCA 44 and Commissioner of Taxation v Jayasinghe [2017] HCA 26.
Expected completion
To be advised
Comments
The ATO is working through a technical matter and will advise of an expected publication date once the matter is resolved.
Contact
Simon Weiss, Office of the Chief Tax Counsel
Phone: (02) 6216 1943
[4000] Royalties and software
Title
Draft Taxation Ruling
Income tax: royalties - character of receipts in respect of software
Purpose
Advice on the development and marketing of software was previously provided in TR 93/12W Income tax: computer software. There is a need to provide updated guidance on modern forms of software distribution including digital channels and cloud computing. This Ruling will provide the Commissioner's view on the circumstances in which amounts in respect of the licensing and distribution of software will be royalties as defined in subsection 6(1) of the Income Tax Assessment Act 1936.
Expected completion
January 2024
Comments
Draft TR 2021/D4 published on 25 June 2021. Having regard to comments and submissions received in relation to TR 2021/D4, the Commissioner is preparing a further draft Ruling to issue for public comment.
Contact
IntangiblesArrangements@ato.gov.au
[4055] Financial advice fees
Title
Draft Taxation Determination
Income tax: deductions for fees paid for financial advice
Purpose
This draft Determination will set out the Commissioner's preliminary view on the deductibility of financial advice fees under sections 8-1 (deductions) or 25-5 (deductions for tax-related expenses) of the Income Tax Assessment Act 1997 for individuals who are not carrying on a business.
This Determination will broaden and update TD 95/60, which will be withdrawn when the updated Determination issues.
Expected completion
November 2023
Comments
Targeted consultation was undertaken with key professional bodies and financial advice providers. Comments period closed on 6 April 2023.
Contact
Danijela Jablanovic, Individuals and Intermediaries
Phone: (07) 3213 5864
Danijela.Jablanovic@ato.gov.au
For more information, see Consultation matter [202303].
[4056] Decline in value of a depreciating asset
Title
Decision impact statement on Commissioner of Taxation v Shell Energy Holdings Australia Limited [2022] FCAFC 2
Purpose
The Decision impact statement provides the ATO's response to the Full Federal Court decision, which concerned whether the amount of the deduction available under section 40-25 of the Income Tax Assessment Act 1997 for the decline in value of a depreciating asset was the cost of that asset by virtue of the operation of section 40-80 of the ITAA 1997.
Comments
The Decision impact statement on Commissioner on Taxation v Shell Energy Holdings Australia Limited [2022] FCAFC 2 published on 31 January 2023. Comments period closed on 3 March 2023.
Contact
Nitin Gulati, Office of the Chief Tax Counsel
Phone: (02) 9285 1661
[4057] Deductibility of self-education expenses
Title
Final Taxation Ruling
Income tax: deductibility of self-education expenses incurred by an individual
Purpose
This Ruling will provide an update of TR 98/9 Income tax: deductibility of self-education expenses incurred by an employee or a person in business to reflect the repeal of section 82A of the Income Tax Assessment Act 1936, include new case law, and ensure consistency of language across related rulings. It will also include content from TR 92/8W Income tax: deductibility of self education expenses (now withdrawn) regarding why certain legs of travel are or are not deductible.
Expected completion
To be advised
Comments
Draft TR 2023/D1 Income tax: deductibility of self-education expenses incurred by an individual published on 27 September 2023. Comments period closed on 27 October 2023.
Contact
Stephanie Oates, Individuals and Intermediaries
Phone: (07) 3213 6625
[4059] Crypto guidance
Title
Web guidance
Tax treatment of crypto assets
Purpose
This guidance will provide greater certainty to the community and assist in improving tax compliance on a variety of issues relating to the use of crypto assets.
We are refreshing and enhancing current ato.gov content to include information on recent developments.
Expected completion
November 2023
Contact
Klarence Lim, Individuals and Intermediaries
Phone: (08) 9268 0845
For more information, see Consultation matter [202309].
[4065] Liability of a legal personal representative of a deceased person
Title
Update to PCG 2018/4 Income tax - liability of a legal personal representative of a deceased person
Purpose
This Guideline is being updated to provide improved certainty for legal personal representatives when finalising less complex estates.
Expected completion
To be advised
Comments
Draft PCG 2018/4DC1 Income tax - liability of a legal personal representative of a deceased person published on 27 September 2023. Comments period closes 10 November 2023.
Contact
Danijela Jablanovic
Phone: (07) 3213 5864
Danijela.Jablanovic@ato.gov.au
For more information, see Consultation matter [202225].
[4081] Corporate collective investment vehicles
Title
Final Law Companion Ruling
Corporate collective investment vehicles
Purpose
This Ruling will represent the Commissioner's view on the operation of the Corporate Collective Investment Vehicle regime, and support the introduction of the CCIV regime.
Expected completion
To be advised
Comments
Draft LCR 2023/D1External Link The corporate collective investment vehicle regime published on 1 November 2023. Comments period closes 15 December 2023.
Contact
Christopher Magee, Office of the Chief Tax Counsel
Phone: (02) 9374 8373
[4119] Victorian Taxi Reform Fairness Fund payments
Title
Decision Impact Statement on Bains and Commissioner of Taxation [2023] AATA 2477.
Purpose
This Decision Impact Statement outlines the ATO's response to the AAT decision that a payment received by a Victorian taxi licence holder from the Victorian Taxi Reform Fairness Fund is not income according to ordinary concepts.
Comments
The Decision impact statement on Bains and Commissioner of Taxation [2023] AATA 2477 published on 1 November 2023. Comments period closes on 1 December 2023.
Contact
Anita Carter, Office of the Chief Tax Counsel
Phone: (07) 3213 6695