The ATO has issued the following class rulings:
- CR 2022/34 – Australia and New Zealand Banking Group Ltd – ANZ Capital Notes 7;
- CR 2022/35 – Urban Mobility Pty Ltd – Use of an electric bicycle by an employee; and
- CR 2022/36 – Eftpos Payments Australia Ltd – Demutualisation.
ATO Guidance: Employee share schemes
The ATO has issued two Taxation Determinations relevant to employee share schemes (ESSs):
- an ESS’s disposal restrictions were ‘genuine disposal restrictions’; and
- if they were, when a taxpayer is no longer genuinely restricted by them for the purposes of determining their deferred taxing point.
TD 2022/8, which finalises TD 2022/D2 (covered in the Birchstone Brief for the week ended 25 February), sets out the Commissioner’s views on the deductibility of expenses incurred by employer companies in establishing and administering ESSs (including the establishment and administration of employee share trusts).
Treasury Laws Amendment (Allowing Commutation of Certain Income Streams) Regulations 2022 – Amending Regulations issued
The Government has issued amending Regulations affecting the rules surrounding the commutation of superannuation income streams. The changes ensure beneficiaries of non-capped defined benefit income streams that commenced on or after 1 July 2017 can rectify excess transfer balance cap amounts and comply with commutation authorities.
Duties Act amended
The WA Government has introduced a Bill:
- amending the general rate of duty for non-residential property to align with the current concessional rate of duty for residential property;
- changing the transfer duty concession for residential land and business property to ensure they continue to provide lower rates of duty on assets valued below $200,000;
- removing duty on transactions for prospecting licenses unless the transaction also involves other dutiable property;
- exempting eligible transfers of property made under family law court orders following a marriage or de facto relationship breakdown from transfer duty; and
- abolishing duty on service demonstrator vehicles, cancelled vehicle purchases and vehicles returned for a full refund or replacement.