Draft Taxation Determination

TD 2011/D10WER - Erratum to Withdrawal

Income tax: when considering the application of subsection 159GZZZQ(2) of the Income Tax Assessment Act 1936 to an exiting vendor practitioner-shareholder by a 'no goodwill' incorporated professional practice, will the Commissioner consider that the buy-back price is less than the market value of the shares merely because the price is calculated not to reflect the underlying goodwill of the company?

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Erratum

This Erratum corrects the reference to the replacement web guidance provided in the Withdrawal Notice.

TD 2011/D10W is corrected as follows:

1. Paragraph 2

Omit 'Assessing the risk: acquisitions and disposals of interests in certain professional partnerships, trusts and incorporated practices; substitute 'Administrative treatment: acquisitions and disposals of interests in 'no goodwill' professional partnerships, trusts and incorporated practices.

This Erratum applies on and from 4 May 2016.

Commissioner of Taxation
9 May 2016

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References

ATO references:
NO 1-80TSE13