TIB - June 2017
In this issue: BR Prd 17/01; BR Pub 17/04 and 17/05; BR Pub 17/06; Notice of withdrawal BR Pub 09/03; Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Act 2017; IS 17/04; QB 17/03; CPI Adjustment 17/01 for Determination DET 09/02; CPI Adjustment 17/02 for Determination DET 05/03; 2017 review of the Commissioner’s mileage rate for expenditure incurred for the business use of a motor vehicle; National average market values of specified livestock; Legal decisions - case notes
Corrections
The discussion of the Taxation (Annual Rates for 2016-17, Closely Held Companies, and Remedial Matters) Act 2017 contains errors in figures in examples 2 and 4 under the section relating to Capital loss amount rules in section CD 44(9) of the Income Tax Act 2007.Example 2
The figures given for "consideration on disposal", should both be $980,000 instead of $960,000 and $96,000 respectively.
Example 4
The figure for "consideration on disposal" in the column entitled "Before amendment to section CD 44(9)" should be $700,000 (and not $550,000). The capital loss amount under that column should be $300,000 (and not $450,000).