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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

Corrections

An amendment was made to this issue of the Tax Information Bulletin on 26 July 2022.

See page 155, heading Buyer-created supply information

The first line under this heading originally read "A recipient of a supply must provide the recipient with the buyer-created taxable supply information within 28 days of the supply...."

It has now been corrected to say: "A recipient of a supply must provide the supplier with the buyer-created taxable supply information within 28 days of the supply...."