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18 Mar 2021 ATO Rulings

Class Ruling

  • CR 2021/22 Commonwealth Bank of Australia – CommBank PERLS XII Capital Notes

This Ruling sets out the Commissioner's opinion on the way in which the relevant provisions apply to specified entities who subscribed for and acquired CommBank PERLS XII Capital Notes (PERLS XII) issued by the Commonwealth Bank of Australia.

This Ruling applies from 1 July 2019 to 30 June 2029.

Draft Taxation Ruling

  • TR 2021/D2 Income tax: personal services income and personal services businesses

This draft Ruling is about the personal services income (PSI) rules contained in Part 2-42 of the Income Tax Assessment Act 1997 and how they apply to an individual or entity.

The PSI rules ensure that the PSI received by a personal services entity (PSE) (interposed companies, partnerships or trusts) is attributed to the individual who performed the personal services. They also limit the deductions available to PSEs and to individuals who provide personal services but not through a PSE (referred to as ‘sole traders’).

This Ruling explains:

  • the meaning of PSI (paragraphs 26 to 29);
  • what is not PSI (paragraphs 30 to 43);
  • determining whose PSI it is (paragraphs 44 to 49);
  • who is not subject to the PSI rules (paragraphs 50 to 51);
  • effect of the PSI rules (paragraphs 52 to 57);
  • Personal Services Business (PSB) (paragraphs 58 to 64);
  • the PSB tests (paragraphs 65 to 139);
  • PSB determination (paragraphs 140 to 147); and
  • application of Part IVA of the Income Tax Assessment Act 1936 (paragraphs 148 to 150).

This Ruling provides examples to illustrate the application of the rules.

ATO fact sheet

The ATO has published a fact sheet to assist employers in understanding their FBT obligations where employees are provided with benefits to support working from home arrangements during the COVID-19 pandemic.

Key points:

  • Your FBT obligations may be affected if you have provided a benefit to your employee to facilitate working from home arrangements due to the impacts of COVID-19.
  • This fact sheet covers certain residual, property or expense payment benefits which may be exempt from FBT or have their taxable value reduced under the ‘otherwise deductible rule’.

Draft effective life determination

The ATO is seeking comments from interested parties on the draft list of effective lives for assets used in the salt harvesting industry. Comments are open until 7 April 2021.

More information can be found here.

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