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ATO advice and guidance issue list

Following is a list of the ATO advice and guidance issuing in the week commencing 29 July 2024.
 

The documents will be available from 2:00 pm AEST on the scheduled date at ato.gov.au/law
 

Miscellanous taxation ruling

MT 2024/1 Miscellaneous tax: time limits for claiming an input tax or fuel tax credit
 
This Ruling sets out the Commissioner's view on time limits applying to the entitlement to an input tax or fuel tax credit set out in:
 

  • subsection 93-5(1) of the A New Tax System (Goods and Services Tax) Act 1999, and
  • subsection 47-5(1) of the Fuel Tax Act 2006.

 
Publication date 31 July 2024

 

Draft taxation determination

TD 2024/D2 Income tax: factors taken into account in applying the exceptions to section 99B of the Income Tax Assessment Act 1936 contained in paragraphs 99B(2)(a) and 99B(2)(b)
 
This draft Taxation Determination provides guidance on our approach to the hypothetical resident taxpayer tests contained in paragraphs 99B(2)(a) and (b) of the Income Tax Assessment Act 1936.
 
This draft Determination aims to provide clarity on:
 

  • the meaning of corpus in paragraph 99B(2)(a)
  • the characteristics that may be ascribed to the hypothetical taxpayer
  • the characteristics of the amount which are relevant for the hypothetical resident taxpayer tests, and
  • why the ultimate source of the amount paid or applied to the beneficiary is relevant.

 
When finalised, this Determination is proposed to apply before and after its date of issue.
 
Publication date 31 July 2024

 

Draft practical compliance guideline

PCG 2024/D1 Section 99B of the Income Tax Assessment Act 1936 - ATO approach
 
This draft Guideline provides guidance on our approach to section 99B of the Income Tax Assessment Act 1936 in respect of arrangements where property of a non-resident trust (or trust property accumulated while the trust was a non-resident) is paid to or applied for the benefit of a resident beneficiary. This draft Guideline aims to provide clarity on:
 

  • common scenarios where section 99B may need to be considered
  • the practical aspects of record keeping evidencing that an exception in subsection 99B(2) applies to reduce the amount that section 99B would otherwise include in assessable income, and
  • the ATO's compliance approach to distributions and benefits which the Commissioner considers to be low risk, and the record keeping expected to substantiate this.

 
When finalised, this Guideline is proposed to apply before and after its date of issue.
 
Publication date 31 July 2024

 
 

Law administration practice statement update

PS LA 2009/4 Decisions made by the Commissioner in the general administration of the taxation laws
 
We are publishing an update to this Practice Statement to improve how key concepts are explained so as to focus the guidance on the making of general administration decisions that are most commonly about the allocation of ATO resources. We have also further clarified the types of general administration decisions that should be escalated to the Commissioner and the process for that escalation.
 
Publication date 31 July 2024


 

Class ruling

CR 2024/45 Prestal Holdings Limited - return of capital and dividends
 
Publication date 31 July 2024


 

Product ruling

PR 2024/12 Utmost Silk Life Plan - Singapore
 
Publication date 31 July 2024