Public Advice and Guidance Issue List

The following documents are scheduled to issue in the week commencing 20 May 2019:

Taxation ruling
Law companion ruling
Taxation determination
Class ruling
Product ruling
Synthesised text of the MLI and Australian tax treaty
Withdrawal
 

Taxation ruling

TR 2019/2 Income tax: whether penalty interest is deductible
This Ruling is a rewrite of TR 93/7 Income tax: whether interest penalty payments are deductible.
Publication date 22 May 2019

Law companion ruling

LCR 2019/1 The business continuity test - carrying on a similar business
This Ruling provides guidance on how the new 'similar business' test in Subdivision 165-E of the Income Tax Assessment Act 1997 and Subdivision 269-F of Schedule 2F to the Income Tax Assessment Act 1936 will apply in practice.
The similar business test will increase the ability of companies, and listed widely held trusts, to deduct tax losses and bad debts, and (for companies only) to apply net capital losses.
Publication date 22 May 2019

Taxation determination

TD 2019/8 Income tax: in the definition of 'financial intermediary business' what is meant by 'a business whose income is principally derived from the lending of money'?
This Determination concerns the meaning of financial intermediary business in the controlled foreign company provisions. It sets out the Commissioner's view on what is a business whose income is principally derived from the lending of money.
Publication date 22 May 2019

Class ruling

CR 2019/33 Property Exchange Australia Limited - Employee Share Option Plan - Commissioner's discretion to reduce the minimum holding period in relation to options acquired
Publication date 22 May 2019

Product Ruling

PR 2019/2 Income tax: W.A. Blue Gum Project 2019
Publication date 22 May 2019

Synthesised text of the MLI and Australian tax treaty

Synthesised text of the MLI and the Agreement between Australia and the Republic of Singapore
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) entered into force for Australia on 1 January 2019. The ATO is preparing a synthesised text for each of Australia's tax treaties that are modified by the MLI. A synthesised text helps users of the tax treaty understand how the MLI modifies the particular tax treaty. It does not constitute a source of law. The authentic legal texts of the tax treaty and the MLI take precedence and remain the legal texts applicable.
This synthesised text to be published is that of Australia's tax treaty with the Republic of Singapore.
Publication date 24 May 2019

Withdrawal

TR 93/7 Income tax: whether penalty interest payments are deductible
Publication date 22 May 2019

Please note that this list is subject to change.