ATO Interpretative Decision
ATO ID 2002/356 (Withdrawn)
Income Tax
Excluded exempt income - Ordinary income and statutory income received from the disposal of units on a pooled superannuation trust
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This ATO ID has been withdrawn as the relevant provisions have been repealed and replaced with retrospective effect.
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This document has changed over time. View its history. |
FOI status: may be released
Status of this decision: Decision Withdrawn 10 February 2006
 CAUTION: This is an edited and summarised record of a Tax Office decision. This record is not published as a form of advice. It is being made available for your inspection to meet FOI requirements, because it may be used by an officer in making another decision.
This ATOID provides you with the following level of protection:
If you reasonably apply this decision in good faith to your own circumstances (which are not materially different from those described in the decision), and the decision is later found to be incorrect you will not be liable to pay any penalty or interest. However, you will be required to pay any underpaid tax (or repay any over-claimed credit, grant or benefit), provided the time limits under the law allow it. If you do intend to apply this decision to your own circumstances, you will need to ensure that the relevant provisions referred to in the decision have not been amended or repealed. You may wish to obtain further advice from the Tax Office or from a professional adviser. |
Issue
Are amounts of ordinary and statutory income received from the disposal of units in a pooled superannuation trust which are exempt from tax under paragraph 320-35(1)(c) of the Income Tax Assessment Act 1997 (ITAA 1997) excluded exempt income for the purposes of subsection 36-20(3) of the ITAA 1997?
Decision
No, amounts of ordinary income and statutory income received from the disposal of units in a pooled superannuation trust and exempt from tax under paragraph 320-35(1)(c) of ITAA 1997 are not excluded exempt income for the purposes of subsection 36-20(3) of the ITAA 1997.
Facts
A life insurance company receives amounts of ordinary income and statutory income from the disposal of units in a pooled superannuation trust. These amounts are exempt from tax under paragraph 320-35(1)(c) of the ITAA 1997.
Reasons for Decision
Subsection 36-20(3) of the ITAA 1997 includes as excluded exempt income amounts of exempt income to which specific provisions of the Income Tax Assessment Act 1936 (ITAA 1936) apply. Subsection 36-20(3) of the ITAA 1997 does not specify exempt income under paragraph 320-35(1)(c) of the ITAA 1997 as excluded exempt income.
( Note: this issue has been referred to Government)
Date of decision: 5 July 2001
| Year of income: | Year ended 30 June 2001 and subsequent income years |
Legislative References:
Income Tax Assessment Act 1997
subsection 36-20(3)
paragraph 320-35(1)(c)
Related ATO Interpretative Decisions
ATO ID 2002/314
ATO ID 2002/357
ATO ID 2002/358
Keywords
Life assurance income
Life assurance
Precedent
Date of publication: 28 March 2002
ISSN: 1445-2782
| ATO ID 2002/356 (Withdrawn) history |
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