Taxation Determination

TD 2003/25W

Income tax: Simplified Tax System (STS): does paragraph 328-105(1)(a) of the Income Tax Assessment Act 1997 (ITAA 1997) apply to an amount received by an STS taxpayer, but not yet derived as ordinary income under the ordinary operation of section 6-5 of the ITAA 1997?

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Notice of Withdrawal

Taxation Determination TD 2003/25 is withdrawn with effect from today.

1. TD 2003/25 explains that paragraph 328-105(1)(a) of the ITAA 1997 applies to an STS taxpayer so that an amount which has been received, but not yet derived as ordinary income, will be included in their assessable income for the income year in which the amount is received.

2. TD 2003/25 relates to the STS provisions in former Subdivision 328-G of the ITAA 1997, which were repealed with effect from 21 June 2007.

3. TD 2003/25 has no ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation
7 December 2016

© 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).

Previously released in draft form as TD 2003/D11.

References

ATO references:
NO 1-9N72KXS

Related Rulings/Determinations:

TR 92/1
TR 92/20
TR 95/7
TR 97/16
TR 2001/1
TR 2001/5

Subject References:
Simplified Tax System
STS taxpayers
STS accounting method

Legislative References:
TAA 1953 Pt IVAAA
ITAA 1997 6-5
ITAA 1997 8-1
ITAA 1997 25-5
ITAA 1997 25-10
ITAA 1997 Div 328
ITAA 1997 328-5
ITAA 1997 328-100
ITAA 1997 328-105(1)
ITAA 1997 328-105(1)(a)
ITAA 1997 328-105(1)(b)

Other References:
Explanatory Memorandum: New Business Tax System (Simplified Tax System) Bill 2000