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11 Nov 2021 ATO Rulings

Practical compliance guidelines 

Documenting your transfer pricing to meet all of the requirements of Subdivision 284-E of Schedule 1 to the Taxation Administration Act 1953 may impose an administrative burden disproportionate to your risk of not complying with the transfer pricing rules. Simplified transfer pricing record-keeping options have been developed to minimise the record-keeping for eligible taxpayers.

This Guideline contains options that reflect the types of transactions or activities the ATO believes are low risk in the context of international related-party dealings.

This Guideline specifies the criteria for you to self-assess your eligibility to use one or more of the seven simplified transfer pricing record-keeping options: 

  1. small taxpayers
  2. distributors
  3. low value adding intra-group services
  4. low-level inbound loans
  5. materiality
  6. technical services
  7. low-level outbound loans.

Date of effect: The simplified transfer pricing record-keeping options contained in this version of the Guideline are available for taxpayers to apply to income years commencing on or after 1 July 2018 (or substituted accounting period).

Class rulings

  • CR 2021/73 Environment Protection Authority Victoria – early retirement scheme 2021–2022

This Ruling sets out the tax consequences of an early retirement scheme implemented by the Environment Protection Authority Victoria (EPA). This Ruling applies to you if you are an EPA employee who receives a payment under this scheme.

Date of effect: This Ruling applies from 11 November 2021 to 30 October 2022.

Determinations

  • TD 2021/8 Income tax: value of goods taken from stock for private use for the 2021–22 income year

This Determination provides an update of amounts that the Commissioner will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in named industries.

Date of effect: This Determination applies to the 2021–22 income year.

Legislative instruments

  • ABRS 2021/D1 Draft Director Identification Number Laws (Application) Data Standard 2021

This instrument is made under section 1270G of the Corporations Act 2001 and section 13 of the Commonwealth Registers Act 2020. The instrument provides for a data standard relating to the application for director ID for the purpose of subsection 1272A(4) of the Corporations Act 2001 and subsection 308-10(4) of the Corporations (Aboriginal and Torres Strait Islander) Act 2006.

  • ABRS 2021/D2 Draft Director Identification Number Laws (Other Government Bodies) Disclosure Framework 2021

This instrument is made under section 1270K of the Corporations Act 2001 and section 16 of the Commonwealth Registers Act 2020. The instrument provides for a disclosure framework relating to the disclosure of protected information that is director ID information.

Notices 

  • TD 2014/2W Income tax: value of goods taken from stock for private use for the 2013–14 income year
  • TD 2015/9W Income tax: value of goods taken from stock for private use for the 2014–15 income year
  • TD 2016/9W Income tax: value of goods taken from stock for private use for the 2015–16 income year

Open consultation

The ATO is seeking your involvement in the following open consultation:

Matters under consultation

The ATO is consulting with the community on the following issues: 

Advice under development

The ATO develops public advice and guidance to assist taxpayers to understand their obligations and be aware of their rights and entitlements.

Key matters on which the ATO is currently considering providing advice and guidance are grouped by topic below:

Draft effective life of plastic safety screens

The ATO is seeking your comments on the draft effective life of plastic safety screens (commonly referred to as ‘sneeze screens’) by 16 December 2021.

If you have an interest in this draft effective life, the ATO invites you to comment by 16 December 2021. Find out how here.

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