Taxation Ruling
IT 246W - Notice of Withdrawal
Seagoing employees: lump sum payments on termination of employment
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Please note that the PDF version is the authorised version of this withdrawal notice.
Notice of Withdrawal
Taxation Ruling IT 246 is withdrawn with effect from today.
1. IT 246 deals with lump sum payments made to seagoing employees on termination of employment under the Maritime Industry Seagoing Award 1973. It focuses on the operation of the former paragraph 26(d) of the Income Tax Assessment Act 1936 (ITAA 1936) in this regard.
2. Paragraph 26(d) of the ITAA 1936 has been repealed by the Income Tax Assessment Amendment Act (No. 2) 1978.
3. IT 246 has no ongoing relevance and is therefore withdrawn without replacement.
Commissioner of Taxation
5 April 2017
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