Notice of Rulings 7 June 2023 (Cth)

Notice of Rulings 7 June 2023 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, copies of which can be obtained from ato.gov.au/law

NOTICE OF RULINGS Ruling number Subject Brief description TR 2023/1 Income tax: residency tests for individuals This Ruling outlines the Commissioner's view on residency for individuals The views reflected are updated to take developments in case law into account and information on the 183-day residency test which will assist those that come to Australia on short term work and holiday visas. This Ruling applies to arrangements both before and after its date of issue. TR 2023/2 Income tax: application of paragraph 8‑1(2)(a) of the Income Tax Assessment Act 1997 to labour costs related to the construction or creation of capital assets This Ruling sets out the Commissioner's view on the appropriate treatment of labour costs related to the construction or creation of capital assets. This Ruling applies to years of income commencing both before and after its date of issue. CR 2023/30 Wesbeam Holdings Limited – selective off-market share buy-back This Ruling sets out the income tax consequences for shareholders of Wesbeam Holdings Limited (Wesbeam) who participated in the selective off‑market share buy‑back (Buy‑Back) of Wesbeam shares approved by shareholders at a general meeting on 10 January 2023. This Ruling applies from 1 July 2022 to 30 June 2023. PR 2023/7 W.A. Blue Gum Project 2023 This Ruling sets out the tax consequences for entities that participate in the W.A. Blue Gum Project 2023. This Ruling applies to the specified class of entities that enter into the Project from 7 June 2023 until 30 June 2023.