ATO Updates
Class rulings
The ATO has issued: CR 2022/42 – Australian Government Band holders – Exchange of bonds for CHESS Depository Interests.
ATO Draft PCG: Non-commercial losses
The ATO has issued Draft Compliance Guideline PCG 2022/D2, which outlines a safe harbour for taxpayers to manage their tax affairs in certain circumstances (bushfires, floods) as if the Commissioner had exercised the discretion in section 35-55(1)(a) of the Income Tax Assessment Act 1997 (Cth) and thereby allowed them to apply their non-commercial losses in the year they were incurred.
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