IT 2637W - Notice of Withdrawal
Income tax: private companies : loans or advances which represent distributions of profits
Notice of Withdrawal
Taxation Ruling IT 2637 is withdrawn with effect from today.
1. IT 2637 deals with issues arising out of amendments made to section 108 of the Income Tax Assessment Act 1936 (ITAA 1936) in 1987.
2. IT 2637 is being withdrawn as section 108 of the ITAA 1936 was repealed in 2007. Division 7A of Pt III of the ITAA 1936 now applies to certain loans to entities connected with a private company.
3. IT 2637 has no ongoing relevance and is therefore withdrawn without replacement.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).
EDR Ref.: 3