Miscellaneous Taxation Ruling

MT 2012/2A1 - Addendum

Miscellaneous taxes: application of the income tax and GST laws to deferred transfer farm-out arrangements

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Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Miscellaneous Taxation Ruling MT 2012/2 to reflect the amendments to the A New Tax System (Goods and Services Tax) Act 1999 (GST Act) which were made by Tax and Superannuation Laws Amendment (2012 Measures No. 1) Act 2012. In particular it reflects the amendment that inserted section 9-17 into the GST Act. Section 9-17 contains exclusions from the meaning of 'consideration' formerly contained in subsection 9-15(3). Section 9-17 is now also referred to in the definition of 'consideration' as defined by section 195-1. The amendments apply to payments made on or after 1 July 2012.

Miscellaneous Taxation Ruling 2012/2 is amended as follows:

1. Footnote 60

Omit 'subparagraph 9-15(3)(a)(i)'; substitute 'paragraph 9-17(1)(a)'.

2. Footnote 70

Omit 'Paragraph 9-15(3)(a)'; substitute 'Subsection 9-17(1)'.

3. Legislative References

Omit:

GSTA 1999 9-15(3)(a)

GSTA 1999 9-15(3)(a)(i)

Insert:

GSTA 1999 9-17(1)

GSTA 1999 9-17(1)(a)

This Addendum applies on and from 1 July 2012.

Commissioner of Taxation
28 August 2013

References

ATO references:
NO 1-4XQCDRM