Taxation Ruling

TR 96/20A1 - Addendum

Income tax: assessability and deductibility of prompt payment discounts offered by traders of goods to their customers and certain other discounts

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Addendum

This Addendum amends Taxation Ruling TR 96/20 to reflect the changes to the law caused by the repeal of inoperative provisions.

TR 96/20 is amended as follows:

1. Paragraph 4

Omit 'subsection 25(1) of the Income Tax Assessment Act 1936 (the Act)'; substitute 'section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997)'.

2. Paragraphs 7, 19, 21, 43, 69, 74, 77, 81, 83 and 84

Omit wherever occurring 'subsection 25(1)'; substitute 'section 6-5 of the ITAA 1997'.

3. Paragraphs 9, 12, 16, 21, 49, 50, 58, 64, 66, 68, 81, 83 and 84

Omit wherever occurring 'subsection 51(1)'; substitute 'section 8-1 of the ITAA 1997'.

4. Subparagraph 22(a )

After 'section 170', insert 'of the Income Tax Assessment Act 1936 (ITAA 1936)'

5. Subparagraph 22(b )

After 'section 170', insert: 'of the ITAA 1936'.

6. Paragraph 48

Omit 'subsections 25(1) and 51(1)'; substitute 'section 6-5 and section 8-1 of the ITAA 1997'.

7. Paragraphs 82, 83 and 84

Omit: '1995' wherever occurring; substitute '2005'.

8. Legislative references

Omit the references; substitute:

- ITAA 1997 6-5

- ITAA 1997 8-1

- ITAA 1936 170

This Addendum applies on and from 14 September 2006.

Commissioner of Taxation
20 July 2011

References

ATO references:
NO 1-1V7LFES