Taxation Determination

TD 92/182W

Income tax: a taxpayer appoints another person as a joint signatory to operate a bank account in the taxpayer's name, if she becomes ill or is absent from Australia for any length of time. The taxpayer retains sole beneficial entitlement to the money in the bank account. Is the appointee assessable on any of the interest income derived?

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Notice of Withdrawal

Taxation Determination TD 92/182 is withdrawn with effect from today.

1. TD 92/182 explains that a joint signatory of a bank account who has no beneficial entitlement to the money in the bank account is not liable to income tax on any interest income derived on that account.

2. TD 92/182 is replaced by Taxation Determination TD 2017/11 issued on 26 April 2017 which consolidates the ATO's views on who is assessed on interest on bank accounts. Further guidance on declaring interest on joint bank accounts is also available on www.ato.gov.au.

Commissioner of Taxation
26 April 2017

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References

ATO references:
NO 1-A8PCUFB

Related Rulings/Determinations:

TD 92 106
IT 2486

Subject References:
bank account;
beneficial interest;
derivation of interest;
interest income

Legislative References:
ITAA 19;
ITAA 25(1)

Case References:
MacFarlane v. FCT
86 ATC 4477
(1986) 17 ATR 808