Taxation Determination

TD 2002/21W

Income tax: how do the transitional measures in the Corporations Act 2001 ('Corporations Act') impact upon the definition of a financial entity for the purposes of Division 820 of the Income Tax Assessment Act 1997 ('ITAA 1997')?

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Notice of Withdrawal

Taxation Determination TD 2002/21 is withdrawn with effect from today.

1. TD 2002/21 explains how transitional measures in the Corporations Act affect a financial entity for the purpose of Division 820 (thin capitalisation) of the ITAA 1997. The Corporations Act provided a two year transitional period during which time an entity that held a dealer's licence granted under the old corporations law would be treated as a financial entity.

2. TD 2002/21 is being withdrawn as it only applies during the transitional period which commenced on 11 March 2002 and covered the 2002-03 to 2003-04 income years.

3. TD 2002/21 has no ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation
26 April 2017

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References

ATO references:
NO 1-9N72KXS

Related Rulings/Determinations:

TR 92/1
TR 92/20
TR 97/16

Subject References:
dealers licence
financial entity
financial services licensee
thin capitalisation
transitional measures
transition period

Legislative References:
ITAA 1997 Div 820
ITAA 1997 995-1
Corporations Act 2001 Part 7.6
Corporations Act 2001 1431(1)(a)
Old Corporations Law Part 7.3