Taxation determinations, taxation rulings and practice statements

IT 2624 - Income tax: company self assessment; elections and other notifications; additional (penalty) tax; false or misleading statement

Taxation determinations

TD 93/202 – Income tax: Offshore Banking Units (OBU) – can an OBU use offshore banking (OB) money (ie money that is not non-OB money) for purposes other than OB activities and replace those funds at a later date?

TD 93/203 – Income tax: Offshore Banking Units (OBU) – does share capital subscribed by a resident owner to its subsidiary, before that subsidiary becomes registered as an OBU, constitute ‘OBU resident-owner money’?

TD 93/204 – Income tax: Offshore Banking Units (OBU) – where a non-resident has an Australian branch and an Australian subsidiary, and the subsidiary is registered as an OBU, does any share capital subscribed in the subsidiary by the parent fall within the definition of ‘non-OB money’?

TD 93/205 – Income tax: Offshore Banking Units (OBU) – does trading in, or entering into commodity derivatives such as commodity futures, forwards, options and swaps constitute offshore banking (OB) activity for the purposes of section 121D?

TD 93/206 – Income tax: Offshore Banking Units (OBU) – if an OBU carries on a business of trading in shares or debt instruments, such that the trading is an offshore banking (OB) activity for the purposes of subsection 121D(1), are dividends and interest derived from holding the shares or debt instruments assessable OB income?

TD 93/207 – Income tax: Offshore Banking Units (OBU) – if an OBU acts as funds manager for a trust with offshore investors and an Australian trustee, does the funds management role fall within the definition of an investment activity under subsection 121D(6)?

TD 93/208 – Income tax: Offshore Banking Units (OBU) – does the definition of advisory activity in subsection 121D(7) encompass the provision of financial knowledge and information to an offshore person?

TD 93/209 – Income tax: Offshore Banking Units – does the definition of advisory activity in subsection 121D(7) encompass: advising offshore parties on offshore infrastructure financing; and advising lessors or lessees on leasing transactions, where both lessor and lessee are offshore persons and the leased asset is not located in Australia?

TD 93/210 – Income tax: Offshore Banking Units (OBU) – does the definition of advisory activity in section 121D(7) encompass advising an offshore debt investor or offshore borrower in an offshore leveraged lease which has an Australian end-user?

TD 93/211 – Income tax: Offshore Banking Units (OBU)– where an OBU provides the services of its employees to a non-resident subsidiary to assist the subsidiary in advising offshore clients on offshore financial matters, can fees charged by the OBU to the subsidiary qualify as assessable OB income?

TD 93/212 – Income tax: Offshore Banking Units (OBU) – are salaries and other operating expenses that are paid from non-OB money taken into account for purposes of the ‘purity test’ in section 121EH where the expenses are incurred in undertaking OB activities?

TD 93/213 – Income tax: Offshore Banking Units (OBU) – if an OBU earns fee income for completing an assignment (say advisory activities) on a success only basis, are expenses incurred on unsuccessful deals exclusive offshore banking (OB) deductions or general OB deductions?

TD 93/214 – Income tax: Offshore Banking Units (OBU) – must an OBU enter details of expenditure that it intends to claim as allowable offshore banking (OB) deductions or allowable non-OB deductions in its relevant books of account at the time of incurring that expenditure?

TD 93/215 – Income tax: Offshore Banking Units (OBU) – where an institution that is registered as an OBU lends money to another institution that is registered as an OBU, how do the counterparties know whether the loan qualifies as an offshore banking (OB) activity?

TD 93/216 – Income tax: Offshore Banking Units (OBU) – is an OBU entitled to concessional tax treatment for income derived on a success only basis from offshore banking (OB) advisory activities which were entered into prior to the entity being registered as an OBU?

TD 93/217 – Income tax: Offshore Banking Units (OBU) – what is the effect of funding an offshore banking (OB) activity with both OB and non-OB money?

TD 93/241 – Income tax: Offshore banking units – if an OBU sells down or disposes of its interest in a loan which originally qualified as an OB activity, does any fee receivable constitute assessable OB income?

TD 95/1 – Income tax: Offshore Banking Units (OBU): what is the effect of converting a profit from offshore banking (OB) activities denominated in a foreign currency into Australian currency in an arm’s length transaction with a separate Australian counterparty or with another division of the entity of which the OBU forms part?

TD 95/2 – Income tax: Offshore Banking Units (OBU): can foreign currency denominated assets and receivables generated from offshore banking (OB) activities be hedged into Australian dollars (AUD) and if so, would the AUD received from the forward sale constitute non-OB money?

TD 2007/2 – Income tax: should a taxpayer who has incurred a tax loss or made a net capital loss for an income year retain records relevant to the ascertainment of that loss only for the record retention period prescribed under income tax law?

Taxation rulings

TR 92/18 – Income tax: bad debts

TR 93/23 – Income tax: valuation of trading stock subject to obsolescence or other special circumstances

TR 96/7 – Income tax: record keeping – section 262A – general principles

TR 97/23 – Income tax: deductions for repairs

TR 97/25 and TR 97/25A – Addendum – Income tax: property development: deduction for capital expenditure on construction of income producing capital works, including buildings and structural improvements

TR 98/7 – Income tax: whether packaging items (ie, containers, labels, etc) held by a manufacturer, wholesaler or retailer are trading stock

TR 98/8 – Income tax: whether materials and spare parts held by a taxpayer supplying services are trading stock

TR 1999/9 – Income tax: the operation of sections 165-13 and 165-210, paragraph 165-35(b), section 165-126 and section 165-132

TR 2002/10 – Income tax: capital gains tax: asset register

TR 2003/14 – Income tax: life insurance companies: the actuarial determination of fees and charges

TR 2005/4 – Income tax: capital allowances – project pools – core issues

TR 2005/9 – Income tax: record keeping – electronic records

TR 2006/3 – Income tax: government payments to industry to assist entities (including individuals) to continue, commence or cease business  

TR 2013/3 – Income tax: research and development tax offsets: feedstock adjustments

TR 2014/4 – Income tax: effective life of depreciating assets (applicable from 1 July 2014)

Law administration practice statements

PS LA 2003/8 – Practical approaches to low-cost business expenses

PS LA 2005/2 – Penalty for failure to keep or retain records