Notice of Rulings and Withdrawal of Rulings 29 June 2022 (Cth)

Notice of Rulings and Withdrawal of Rulings 29 June 2022

The Commissioner of Taxation, Chris Jordan, gives notice by notifiable instrument under subsection 358-5(4) of Schedule 1 to the Taxation Administration Act 1953 of the following public rulings, and under subsection 358-20(1) of Schedule 1 to the Taxation Administration Act 1953 of the withdrawal of the following public ruling, copies of which can be obtained from ato.gov.au/law

NOTICE OF RULINGS Ruling number Subject Brief description TR 2022/1 Income tax: effective life of depreciating assets (applicable from 1 July 2022) This Ruling explains the methodology used by the Commissioner to make a determination of an effective life of an asset and lists effective life determinations made to date. This Ruling applies from 1 July 2022. TD 2022/9 Income tax: is section 951A of the US Internal Revenue Code a provision of a law of a foreign country that corresponds to sections 456 or 457 of the Income Tax Assessment Act 1936 for the purpose of subsection 832‑130(5) of the Income Tax Assessment Act 1997? This Ruling provides the ATO's view in relation to whether the United States of America's global intangible low-taxed income rules correspond with either section 456 of 457 in Australia's controlled foreign company regime for the purpose of applying Australia's hybrid mismatch rules. TD 2022/10 Income tax: what are the reasonable travel and overtime meal allowances for the 2022–23 income year? This Determination sets out the reasonable overtime meal expenses, and domestic and overseas travel rates, for the 2022–23 income year. This Determination applies from 1 July 2022 to 30 June 2023. CR 2022/59 Cedar Woods Properties Limited – bonus share plan This Ruling sets out the income tax consequences for shareholders of Cedar Woods Properties Limited who elect to receive bonus shares in lieu of dividends under the bonus share plan. This Ruling applies from 1 July 2022 to 30 June 2027.