GST issues registers

Issues in this register that are a public ruling can now be found in the Public Rulings section of this Legal Database.

Issues in this register that have not been labelled as public rulings, constitute written guidance. We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.

If you follow our information on these issues and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we must still apply the law correctly. If that means you owe us money, we must ask you to pay it but we will not charge you a penalty. Also, if you acted reasonably and in good faith we will not charge you interest. If correcting the mistake means we owe you money, we will pay it to you. We will also pay you any interest you are entitled to.

If you feel that the guidance in this issues register does not fully cover your circumstances, or you are unsure how it applies to you, you can seek further assistance from us.

1. Income Support Payment

1.1 Will the Farm Help income support payment be assessable income to the recipient?

1.2 Is the Farm Help income support payment included in the instalment income of the recipient for PAYG instalments purposes?

1.3 Will the beneficiary rebate apply to the Farm Help income support payments?

1.4 Is the payment to be treated as income from primary production in applying the provisions of Division 392 ITAA97 - Long-term averaging of primary producers' tax liability?

2. Re-establishment Grant

2.1 Will the Farm Help re-establishment grant be assessable income to the recipient?

2.2 Will there be Capital Gains Tax implications on the receipt of the Farm Help re-establishment grant?

2.3 Is the Farm Help re-establishment grant included in the instalment income of the recipient for PAYG instalments purposes?

Income Support

1.1 Will the income support payments be assessable income to the recipient?

1.2 Will Income support payments paid as part of the flood assistance package be included in the instalment income of the recipient for PAYG instalments purposes? 1.3 Will the beneficiary rebate apply to the income support payments?

1.4 Is the payment to be treated as income from primary production in applying the provisions of Division 392 ITAA97 - Long-term averaging of primary producers' tax liability?

2. Interest Rate Subsidy

2.1 Will the interest rate subsidy be assessable?

2.2 Is the interest rate subsidy included in the instalment income of the recipient for PAYG instalments purposes?

2.3 Is the payment to be treated as income from primary production in applying the provisions of Division 392 - Long-term averaging of primary producers' tax liability?

2.4 Are there any Capital Gains Tax Implications of receiving the interest rate subsidy?

3. Replanting Grant

3.1 Will the replanting grant be assessable?

3.2 Is the replanting grant included in the instalment income of the recipient for PAYG instalments purposes?

3.3 Is the payment to be treated as income from primary production in applying the provisions of Division 392 - Long-term averaging of primary producers' tax liability?

3.4 Are there any Capital Gains Tax Implications of receiving the replanting grant?

4. Small Business Grant

4.1 Will the small business grant be assessable?

4.2 Is the small business grant included in the instalment income of the recipient for PAYG instalments purposes?

4.3 Is the payment to be treated as income from primary production in applying the provisions of Division 392 - Long-term averaging of primary producers' tax liability?

4.4 Are there any Capital Gains Tax Implications of receiving the interest rate subsidy?

5. Fodder/Pasture Grant for Dairy Farmers

5.1 Will the fodder/pasture grant be assessable to the recipient?

5.2 Is the fodder/pasture grant included in instalment income of the recipient for PAYG instalments purposes?

5.3 Is the payment to be treated as income from primary production in applying the provisions of Division 392 - Long-term averaging of primary producers' tax liability?

5.4 Are there any Capital Gains Tax Implications of receiving the interest rate subsidy?

(a) (ii) After deregulation by the States quotas will no longer exist. Does this mean that they have zero value and holders can realise a capital loss?

(b) (i) Do quotas have to be sold to realise any capital loss?

(b) (ii) Is the capital loss attributable to the 1999/2000 income year or the 2000/2001 income year?

(c) (i) Do State Governments actually have to resume the quotas at "nil" value for a capital loss to exist?

(c) (ii) Is such a capital loss allowable for taxation purposes?