Taxpayers invited to provide feedback on the Taxpayers’ Charter
The ATO is inviting taxpayers to provide feedback on the Taxpayers’ Charter.
The Charter was first published in 1997 and aims to help taxpayers understand their rights and obligations, what they can expect from their interactions with the ATO, and what to do if they are not satisfied.
Class and product rulings issued
The ATO has issued the following ruling:
- CR 2022/87 — Iluka Resources Ltd — Demerger of Sierra Rutile Holdings Ltd;
- CR 2022/88 — Firefly Resources Ltd — Demerger and scrip for scrip roll-over; and
- PR 2022/9 — Challenger Life Company Ltd CarePlus Annuity and Insurance.
Updated guidance on market valuations
The ATO has released its market valuation for tax purposes guide, which replaces previous web guidance and provides more up-to-date guidance on the Commissioner’s expectations regarding market valuations for tax purposes.
Guidance on the safe harbour for the main residence exemption & deceased estates updated
The ATO has updated PCG 2019/5, which sets out the conditions that must be satisfied to fit within a safe harbour so that taxpayers can manage their affairs as if the Commissioner had exercised his discretion to extend the 2-year period allowed to dispose of the main residence of a deceased person without triggering CGT. The update:
- adds restrictions on real estate activities imposed by a government authority in response to the COVID-19 pandemic that took more than 12 months to address as an acceptable circumstance to satisfy the first of the safe harbour conditions; and
- clarifies that the ATO’s general administrative approach is to exercise the discretion to extend the 2-year period after settlement of the sale of the deceased’s main residence has occurred.