Section 100A – TR 2022/4 & PCG 2022/2 (ATO Guidance Finalised)
The ATO has finalised its guidance regarding section 100A of the ITAA 1936 and how it will approach associated compliance activity.
TR 2022/4 finalises TR 2022/D1 and sets out the Commissioner’s view regarding reimbursement arrangements and the four basic requirements for section 100A to apply.
PCG 2022/2 finalises PCG 2022/D1 and sets out the Commissioner’s risk assessment framework and compliance approach to a range of trust arrangements to which section 100A may apply. The purpose of the PCG is stated to be to support trustees with managing their compliance risks with respect to section 100A.
We will provide further analysis regarding these documents in next week’s Birchstone Brief.
ATO office closure
The ATO has announced that its offices will close on midday Friday 23 December 2022 and reopen on Tuesday 3 January 2023.
Tax agents are encouraged to lodge any outstanding returns, statements or forms as early as possible. Documents lodged on or after 20 December are less likely to be finalised before the closure.
Class rulings issued
The ATO has issued:
- CR 2022/109 – Virtus Health Ltd – Takeover and special dividend; and
- CR 2022/110 – Heidelberg District Community Enterprise Ltd – Off-market share buy-back.