Taxation Determination

TD 95/32W

Income tax: will a subsidiary be allowed to adopt a substituted accounting period with a different balance date from that of its foreign parent in order to facilitate the consolidation of group accounts?

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FOI status:

may be released

Notice of Withdrawal

Taxation Determination TD 95/32 is withdrawn with effect from today.

1. Taxation Determination TD 95/32 states that a subsidiary will be allowed to adopt a substituted accounting period with a different balance date from that of its foreign parent in order to facilitate the consolidation of group accounts, subject to certain conditions.

2. This Determination is withdrawn and replaced by PS LA 2007/21 with effect from 29 August 2007.

Commissioner of Taxation
29 August 2007

Previously issued as Draft TD 95/D2

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

IT 2360
IT 2433

Subject References:
accounting period;
companies;
foreign parent companies;
subsidiary companies;
substituted accounting period

Legislative References:
ITAA 18