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Public Advice and Guidance Issue List

The following documents are scheduled to issue in the week commencing 22 January 2018.
 

Taxation Ruling
Class Rulings
Practical Compliance Guideline
Addendum

Taxation Ruling

TR 2018/1 Petroleum resource rent tax: character of expenditure incurred in relation to abandonment, decommissioning and rehabilitation activities undertaken on a part of a petroleum project
The Ruling sets out our view on when abandonment, decommissioning and rehabilitation expenditure incurred on part of a petroleum project that is still in production may be characterised as closing-down expenditure or general project expenditure for the purposes of the Petroleum Resources Rent Tax Assessment Act 1987.
The Ruling provides industry and their advisors certainty on the appropriate classification of abandonment, decommissioning and rehabilitation expenditure incurred on part of a petroleum project that is still in production.
Certainty in this area will allow industry and their advisors to meet industry's compliance obligations under the petroleum resource rent tax regime.
Publication date 24 January 2018

Class Rulings

CR 2018/4 Income tax: Australian Government Bond holders electing to exchange bonds for CHESS Depository Interests (CDIs)
Publication date 24 January 2018

CR 2018/5 Income tax: scrip for scrip roll-over: acquisition of units in EQT Emerging Companies Fund by SGH Professional Investor Emerging Companies Trust
Publication date 24 January 2018

CR 2018/6 Income tax: Tatts Group Limited Scheme of Arrangement and payment of Special Dividend
Publication date 24 January 2018

Practical Compliance Guidline

PCG 2018/1 ATO compliance approach - attribution of ADI equity capital and controlled foreign entity equity
This final Practical Compliance Guideline sets out how the ATO will administer subsection 820-300(3) of the Income Tax Assessment Act 1997 in the context of a taxpayer's calculation of its 'adjusted average equity capital. It addresses the attribution of ADI equity capital and controlled foreign entity equity to a permanent establishment.
Publication date 24 January 2018

Addendum

PR 2017/2 Income tax: deductibility of interest in relation to investment in units in the Macquarie Flexi 100 Trust issued on or before 30 June 2020
This addendum amends Product Ruling PR 2017/2 to clarify the class of entities that can and cannot rely on the Ruling.
Publication date 24 January 2018

Please note that this list is subject to change.

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