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Taxation Ruling

IT 2385W - Notice of Withdrawal


Income tax: expenses incurred by beneficiaries of discretionary trusts



Notice of Withdrawal

Taxation Ruling IT 2385 is withdrawn with effect from today.

1. Taxation Ruling IT 2385 explains the Commissioner's position that a beneficiary of a discretionary trust is not allowed deductions in relation to trust distributions unless it is established that the beneficiary is 'presently entitled' to the trust income when the beneficiary incurs the expenditure.

2. Taxation Ruling IT 2385 is withdrawn as it is replaced by draft Taxation Determination TD 2017/D4 Income tax: deductibility of interest expenses incurred by a beneficiary of a discretionary trust on borrowings on-lent interest free to the trustee which articulates the same principles.

Commissioner of Taxation

13 December 2017

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

References

ATO references:
NO  1-AVV9E6U

Related Rulings/Determinations:
IT 2385

 


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