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Taxation Ruling

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Taxation Ruling IT 2555 is withdrawn with effect from today.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 IT 2555 is being withdrawn because section 160AFC of the ITAA 1936 was repealed by the New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004.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 IT 2555 has no ongoing relevance and is therefore withdrawn without replacement.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

© 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

ISSN: 2205-6122

Related Rulings/Determinations:
IT 2555

 


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