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Taxation Determination

TD 2017/22A1 - Addendum


Income tax: where an Australian corporate tax entity is a beneficiary of a trust, can the trust 'hold' a direct control interest (within the meaning of section 350 of the Income Tax Assessment Act 1936 ) in a foreign company for the purpose of Subdivision 768-A of the Income Tax Assessment Act 1997 ?

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Addendum

This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Taxation Determination TD 2017/22 to clarify its date of effect.

TD 2017/22 is amended as follows:

1.Paragraph 47

Omit the second sentence; substitute 'However, to the extent that this Determination provides a less favourable outcome than the view outlined in Taxation Determination TD 2016/D7 Income tax: where an Australian corporate tax entity is a beneficiary of a trust, can the trust be taken to 'hold' a direct control interest (within the meaning of section 350 of the Income Tax Assessment Act 1936) in a foreign company for the purpose of Subdivision 768-A of the Income Tax Assessment Act 1997? , taxpayers will be entitled to rely on the view in TD 2016/D7 for foreign equity distributions made up until the date of issue of this Determination.'.

This Addendum applies on and from 18 October 2017.

Commissioner of Taxation

1 November 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  1-9M7IA94

ISSN: 2205-6211

Business Line: PGI

 


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