Taxation Determination

TD 97/15A - Addendum

Income tax: capital gains: does section 160ZM of the Income Tax Assessment Act 1936 apply to non-assessable payment made by a trustee to a beneficiary of a discretionary trust?

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FOI status:

may be released

ADDENDUM

This Addendum amends Taxation Determination TD 97/15 from the beginning of the 1998-1999 income year, as follows, to change section references and terms used in the Determination to those contained in the Income Tax Assessment Act 1997. There is no change in the views expressed in TD 97/15.

1. Omit 'section 160ZM' (wherever occurring); substitute 'section 104-70'.

2. Omit 'subsection 160ZM(1)' (wherever occurring); substitute 'subsection 104-70(1)'.

3. Omit 'Part IIIA' (wherever occurring); substitute 'Parts 3-1, 3-3 and 3-5'.

4. Heading

Omit 'Income Tax Assessment Act 1936'; substitute 'Income Tax Assessment Act 1997'.

5. Paragraph 1

Omit 'other than as proceeds of disposal of'; substitute 'except for CGT events A1, C2, E1, E2, E6 and E7 happening in relation to'.

6. Paragraph 2

(a)

Omit from the 5th sentence 'the disposal of'; substitute 'the happening of CGT event A1, C2, E1, E2, E6 or E7 in relation to'.

(b)

Omit from the 5th sentence 'being disposed of'; substitute 'having CGT event A1, C2, E1, E2, E6 or E7 happen in relation to it'.

(c)

Omit from the 6th sentence 'indexed cost base' where that term first occurs in paragraph 2.

(d)

Omit from the 6th sentence 'indexed cost base' where that term second occurs in paragraph 2; substitute 'cost base'.

(e)

Omit from the 6th sentence 'subsection 160ZM(2)'; substitute 'subsection 104-70(6)'.

(f)

Omit from the 6th sentence 'subsection 160ZM(3)'; substitute 'subsection 104-70(4)'.

7. Technical notes

Omit from the second note 'an 'asset' '; substitute 'a CGT asset'.

Commissioner of Taxation
10 March 1999

References

ATO references:
NO NAT 98/12257-6; NAT 95/9530-9

Related Rulings/Determinations:

TD 97/15

Legislative References:
ITAA97 Pt 3-1
ITAA97 104-70
ITAA97 104-70(1)
ITAA97 104-70(4)
ITAA97 104-70(6)
ITAA97 Pt 3-3
ITAA97 Pt 3-5