Taxation Ruling

IT 2551W - Notice of Withdrawal

Income tax: sale of interest in a professional partnership: amounts paid to retiring partners on account of work in progress

  • Please note that the PDF version is the authorised version of this withdrawal notice.

FOI status:

may be released

NOTICE OF WITHDRAWAL

Taxation Ruling IT 2551 is withdrawn with effect from today.

The Ruling is inconsistent with the legal principles to be derived from Crommelin v. FCT 98 ATC 4790; (1998) 39 ATR 376 and before that decision, from Stapleton v. FC of T 89 ATC 4818; (1989) 20 ATR 996 and FC of T v. Grant 91 ATC 4608; (1991) 22 ATR 237.

A new ruling reflecting the legal principles stated in those judicial decisions is being prepared and will issue in due course.

Commissioner of Taxation
23 September 1998

References

ATO references:
NO NAT 98/8220-1

ISSN 0813-3662

Related Rulings/Determinations:

IT 2551

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