Wednesday 12 June 2013 

(1) Lodgment of returns and statements for the year of income ended 30 June 2013

The Commissioner of Taxation, Christopher Jordan, has made three legislative instruments in regards to lodgment of returns.

(2) ATO Decision Impact Statement - ZZGN v Commissioner of Taxation

On 12 June 2013, the Australian Taxation Office (ATO) issued a Decision Impact Statement (DIS) in response to decision of the Administrative Appeals Tribunal of Australia (AATA) in ZZGN v Commissioner of Taxation [2013] AATA 351.

The ATO has advised that the Commissioner intends to publish a taxation ruling setting out his views on the meaning of exploration for the PRRTAA.

(3) ATO Rulings released 12 June 2013

On 12 June 2013, the Australian Taxation Office released 7 Class Rulings, 1 Product Ruling, and 2 PSLA Withdrawals

(4) ATO website update

• Tips for rental property deductions
• Simpler depreciation rules for business
• Getting your work-related deductions right this tax time
• Do I need to lodge a tax return in 2013?

(5) OECD paper on public debt

On 6 June 2013, the Organisation for Economic Co-operation and Development (OECD) released Economics Department Working Paper No 1055 entitled The 90% Public Debt Threshold: The Rise and Fall of a Stylised Fact. The paper applies a formal econometric test to the Reinhart-Rogoff data set, confirming the inaccuracy of the 90 percent public debt threshold.