Taxation Ruling
IT 334W - Withdrawal
Income tax: abnormal income - artists amounts received from sale of paintings
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Please note that the PDF version is the authorised version of this withdrawal notice.
FOI status:
may be releasedNOTICE OF WITHDRAWAL
Taxation Ruling IT 334 is withdrawn with effect from today.
1. Taxation Ruling IT 334 is about former Division 16A of Part III of the Income Tax Assessment Act 1936. That Division allowed authors, composers, artists and inventors to average their incomes. The Division was replaced in 1987.
2. IT 334 was the subject of a Notice of Archival on 4 September 1996.
3. IT 334 is now being withdrawn in accordance with paragraph 5 of Addendum No. 3 to Taxation Ruling IT 1 Taxation Ruling System: explanation and status, which states:
We will withdraw progressively all Rulings in the IT series for which we have issued Notices of Archival.
Commissioner of Taxation
31 May 2006