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Taxation Determination

TD 95/26W


Income tax: can the value of an annuity contract be amortised over the effective life of the annuity and the amortisation expense deducted from the annuity income when calculating the separate net income of a dependant under section 159J of the Income Tax Assessment Act 1936 ?

Attention This document has changed over time. View its history.


Notice of Withdrawal

Taxation Determination TD 95/26 is withdrawn with effect from today.

1. TD 95/26 outlines that the value of an annuity contract can be amortised over the effective life of the annuity and the amortisation expense deducted from the annuity income when calculating the separate net income of a dependant under section 159J of the Income Tax Assessment Act 1936.

2. Section 159J has now been replaced by Subdivision 61-A of the Income Tax Assessment Act 1997. The concept of 'separate net income' does not exist under the new rules, and is replaced with the concept of 'adjusted taxable income for offsets'.

3. TD 95/26 has no ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation

5 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 2205-6211

Related Rulings/Determinations:
IT 2157;
IT 2391;
IT 2480

Legislative References:
ITAA 27H;
ITAA 159J;
ITR 9

TD 95/26 history   Top  
   Date   Version   Change 
   22 June 1995   Original ruling   
 You are here ®   5 April 2017   Withdrawn   


 


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