Taxation Ruling

IT 2486W - Notice of Withdrawal

Income tax : children's savings accounts

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

Notice of Withdrawal

Taxation Ruling IT 2486 is withdrawn with effect from today.

1. IT 2486 explains that interest on a child's savings account is assessed to income tax to whoever the money really belongs.

2. IT 2486 is replaced by Taxation Determination TD 2017/11 issued on 26 April 2017 which consolidates the ATO's views on who is assessed on interest on bank accounts, including children's savings accounts. Further guidance on children's savings accounts is also available on www.ato.gov.au.

Commissioner of Taxation
26 April 2017

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

References

ATO references:
NO 1-A8PCUFB

ISSN: 2205-6122

Related Rulings/Determinations:

IT 2486