Miscellaneous Taxation Ruling

MT 2039W

Debits tax: taxable accounts; settlement accounts held by non-bank financial institutions with banks

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FOI status:

Notice of Withdrawal

Miscellaneous Taxation Ruling MT 2039 is withdrawn with effect from today.

1. Miscellaneous Taxation Ruling MT 2039 is about the Commonwealth's discontinued debits tax (previously called bank account debits tax).

2. Debits tax was formerly imposed by the Commonwealth through the Debits Tax Administration Act 1982 and the Debits Tax Act 1982. The Commonwealth transferred responsibility for raising and collecting debits tax to the States and Territories, by bringing the operation of the Commonwealth legislation to an end in respect of debits made on or after 1 January 1991. This was accomplished by the Debits Tax Termination Act 1990. The Ruling is therefore no longer current.

Commissioner of Taxation
8 November 2006

References

ATO references:
NO 2005/18404