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Taxation Ruling

IT 90W - Notice of Withdrawal


Life insurance companies: general management expenses



Notice of Withdrawal

Taxation Ruling IT 90 is withdrawn with effect from today.

1. IT 90 explains that the Commissioner accepts the High Court decision in Producers & Citizens Co-operative Assurance Co. Ltd v. Federal Commissioner of Taxation (1971) 124 CLR 143. The case concerns the taxation treatment of salaries and expenses of divisional managers and inspectors under subsection 113(2) of the Income Tax Assessment Act 1936 (ITAA 1936).

2. Subsection 113(2) of the ITAA 1936 was repealed with effect from 1 July 2000 by the New Business Tax System (Miscellaneous) Act (No. 2) 2000.

3. IT 90 has no ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation

12 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 90

 


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