The following key Taxation Rulings, Taxation Determinations, Interpretative Decisions and Law Companion Guides have recently been released:
PCG 2017/2 Documenting transfer pricing to meet all of the requirements of Subdivision 284-E of Schedule 1 to the Taxation Administration Act 1953 (TAA) may impose an administrative burden disproportionate to the risk of not complying with the transfer pricing rules. Simplified transfer pricing record keeping options have been developed to minimise the record-keeping for eligible taxpayers.
ETP 2018/1 Income Tax Employment Termination Payments (12 month rule) Determination 2018 applies to a payment received, after the date that this instrument is registered on the Federal Register of Legislation, by a person if the payment is received:
(a) either
(i) in consequence of the termination of that person’s employment; or
(ii) after another person’s death, in consequence of the termination of that other person’s employment; and
(b) more than 12 months after that termination; and
(c) is not a payment under section 82-135 of the Income Tax Assessment Act 1997.
In this determination, such a payment is called a late termination payment.
Comments