The Tax Institute welcomes the opportunity to make a submission to the Australian Taxation Office (ATO) in relation to the Draft Law Companion Ruling LCR 2021/D1 — Temporary full expensing (draft Ruling).
We appreciate the additional time provided to lodge this submission. We have consulted with our National Technical Committees in the development of this submission to obtain a breadth of views on issues that impact the broader membership of The Tax Institute.
We provide the following comments and recommendations for your consideration to improve the draft Ruling which provides guidance in relation to the application of the provisions for temporary full expensing (TFE) of depreciating assets introduced by the Treasury Laws Amendment (A Tax Plan for the COVID-19 Economic Recovery) Act 2020 and the Treasury Laws Amendment (2020 Measures No.6) Act 2020 (JobMaker tax plan legislation).
The Tax Institute
Assistant Commissioner — Law Design and Practice, Tax Counsel Network
Australia Taxation Office
Associate Tax Counsel, Tax Policy and Advocacy
(02) 8223 0084