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Vol 34 No 5
Issued
03 Jun 2022

TIB - June 2022

New legislation

  • Taxation (Annual Rates for 2021–22, GST, and Remedial Matters) Act 2022

Ruling

  • BR Pub 22/01-22/05: Income tax – Australian limited partnerships and foreign tax credits

Determinations

  • COV 22/17: Variation in relation to ss HM 25(3)(a) and HM 72(2)(b) of the Income Tax Act 2007 (PIE exit rules)
  • CFC 22/01: Non-attributing active insurance CFC status (Tower Limited)
  • CFC 22/02: Non-attributing active insurance CFC status (Tower Limited)
  • 2022 Consumers Price Index Adjustment to standard-cost amounts for household services (childcare, boarding services, or short-stay accommodation)

Operational statement

  • 2022 Adjustment to the Square Metre Rate amount

Interpretation statements

  • IS 22/01: Income Tax – deductibility of costs incurred due to COVID-19
  • IS 22/02: GST and finance leases

Question we’ve been asked

  • QB 22/02: Donations - what is required to establish and maintain a “public fund” under s LD 3(2)(d) of the Income Tax Act 2007?

Technical decision summary

  • TDS 22/06: GST input tax deductions, income tax deductions, understated income, shortfall penalties