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Taxation Ruling

IT 246W - Notice of Withdrawal


Seagoing employees: lump sum payments on termination of employment



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Taxation Ruling IT 246 is withdrawn with effect from today.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 Paragraph 26(d) of the ITAA 1936 has been repealed by the Income Tax Assessment Amendment Act (No. 2) 1978.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 IT 246 has no ongoing relevance and is therefore withdrawn without replacement.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

© 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  1-9N72KXS

Related Rulings/Determinations:
IT 246

 


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