Taxation Determination
TD 95/26W
Income tax: can the value of an annuity contract be amortised over the effective life of the annuity and the amortisation expense deducted from the annuity income when calculating the separate net income of a dependant under section 159J of the Income Tax Assessment Act 1936?
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1. TD 95/26 outlines that the value of an annuity contract can be amortised over the effective life of the annuity and the amortisation expense deducted from the annuity income when calculating the separate net income of a dependant under section 159J of the Income Tax Assessment Act 1936.
2. Section 159J has now been replaced by Subdivision 61 A of the Income Tax Assessment Act 1997. The concept of 'separate net income' does not exist under the new rules, and is replaced with the concept of 'adjusted taxable income for offsets'.
3. TD 95/26 has no ongoing relevance and is therefore withdrawn without replacement.
Commissioner of Taxation
5 April 2017
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References
ATO references:
NO 1-9N72KXS
Related Rulings/Determinations:
IT 2157;
IT 2391;
IT 2480
Legislative References:
ITAA 27H;
ITAA 159J;
ITR 9
Date: | Version: | Change: | |
22 June 1995 | Original ruling | ||
You are here | 5 April 2017 | Withdrawn |