IT 2489W - Notice of Withdrawal
Income tax : business income of minors
Notice of Withdrawal
Taxation Ruling IT 2489 is withdrawn with effect from today.
1. IT 2489 expresses the Commissioner's view on the implications of two decisions of the Administrative Appeals Tribunal (AAT). Those decisions concerned whether minors were carrying on business for the purposes of section 102AE of the Income Tax Assessment Act 1936 (ITAA 1936).
2. IT 2489 states that the decision in each case was open to the AAT and consistent with the Commissioner's practice.
3. As IT 2489 merely reiterates the decisions reached by the AAT, it is withdrawn. Further guidance on the application of the rules in Division 6AA of Part III of the ITAA 1936 and what constitutes 'excepted assessable income' under section 102AE is available on www.ato.gov.au
Commissioner of Taxation
29 March 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).