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Tax Rulings, Determinations & Interpretative Decisions - 25 January 2012

Wednesday 25 January, 2012

The following rulings and determinations have recently been released:

TD 2012/D1

Income tax: when is income tax of a private company a 'present legal obligation' for the purposes of the distributable surplus calculation under subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936?

The following taxation rulings and determinations have recently been withdrawn:

TR 2004/10W - Withdrawal	Income tax: the assessability of salary and wages derived under teacher exchange programs between Australia and the United States
TD 2008/28W - Withdrawal	Income tax: when is income tax of a private company a 'present legal obligation' for the purposes of the distributable surplus calculation under subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936?
TD 96/39W - Withdrawn	Income tax: foreign income: can a controlled foreign company (CFC) obtain the benefit of the trading stock exemption under section 521 of the Income Tax Assessment Act 1936 ('the Act')?
TD 94/D84W - Withdrawal	Income tax: foreign income: does a voluntary payment made to a taxing authority exclude income from designated concession income as described in Income Tax Regulation 152D?

The following Interpretive Decisions (IDs) have recently been withdrawn:

ATO ID 2011/46 (Withdrawn)

Primary production: election by trustee to defer tax profit and reduce cost of replacement live stock - effect of disentitling event being the death of a beneficiary