Taxation Determination
TD 2007/28ER - Erratum
Income tax: what is a 'present legal obligation' of a private company for the purposes of subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936?
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Erratum
This Erratum is a public ruling for the purposes of the Taxation Administration Act 1953. It corrects Taxation Determination TD 2007/28 to correct the distributable surplus formula in paragraph 9 to add 'Division 7A amounts' to 'Net assets' instead of subtracting.
TD 2007/28 is corrected as follows:
Omit '- Division 7A amounts'; substitute '+ Division 7A amounts':
This Erratum applies both before and after its date of issue.
Commissioner of Taxation
1 February 2012
References
ATO references:
NO 1-3K19OMO
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