IT 2555W - Notice of Withdrawal
Income tax : foreign tax credit system - foreign tax credit entitlement of corporate beneficiaries of trusts
Notice of Withdrawal
Taxation Ruling IT 2555 is withdrawn with effect from today.
1. IT 2555 deals with issues relating to the underlying foreign tax credit entitlement of a resident corporate beneficiary of a trust estate in former section 160AFC of the Income Tax Assessment Act 1936 (ITAA 1936), where the beneficiary is presently entitled to a share of the net income of the trust for a year of income and that income includes dividend income from a foreign company.
2. IT 2555 is being withdrawn because section 160AFC of the ITAA 1936 was repealed by the New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004.
3. IT 2555 has no ongoing relevance and is therefore withdrawn without replacement.
Commissioner of Taxation
26 April 2017
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