The Commissioner of Taxation (the Commissioner) has recently released Draft Taxation Ruling TR 2012/D1 which explains the meaning of the expression 'income of the trust estate' as used in Division 6 of Part III of the Income Tax Assessment Act 1936 (ITAA 1936).
The Tax Office has recently released a number of Tax Determinations which outline the FBT rates which will apply for the FBT year commencing 1 April 2012.
The Assistant Treasurer, Mr David Bradbury, has recently released the Inspector-General of Taxation’s (IGOT) Review into the Australian Taxation Office’s administration of class rulings.