Draft excise ruling – “legally and economically independent”
The ATO has issued ER 2022/D1, which explains the Commissioner’s view on the meaning of the phrase ‘legally and economically independent’ for the purposes of the excise remission scheme and the former excise refund scheme.
Draft legislative instrument regarding RCTIs
LI 2022/D15, a draft legislative instrument which allows a recipient created tax invoice (RCTI) to be issued by recipients of taxable supplies that meet the requirements listed in section 7, has been released by the ATO for public consultation. If finalised, the instrument will replace a number of existing instruments that allow the use of RCTIs in relation to specific industry transactions. As stated in its Explanatory Statement, the requirements in section 7 of the draft instrument were designed to strike a balance between facilitating the practical use of RCTIs and maintaining the integrity of the GST system.
PCG 2017/2 updated
The ATO has updated PCG 2017/2 (which contains its guidance on taxpayers using simplified transfer pricing record-keeping options) to provide that the maximum interest rate for low-level inbound loans and the minimum interest rate for low-level outbound loans is 5.65% for the 2023 income year.
Class rulings and addendum issued
The ATO has issued the following:
- CR 2022/103 – Telstra Corporation Ltd – Restructure – Employee share schemes – Treatment of shares or rights;
- CR 2022/104 – Telstra Corporation Ltd – Top hat restructure;
- CR 2022/105 – Thorn Group Ltd – Return of capital and share consolidation; and
- CR 2021/90A1 – Addendum to CR 2021/90 – Victorian Department of Transport – Early retirement scheme 2021-2022.