Taxation Determination

TD 2003/24W

Income tax: Simplified Tax System (STS): what amount is returned as assessable income by an STS taxpayer in relation to an assessable payment to them that has been subject to the Pay As You Go withholding rules in Division 12 of Schedule 1 to the Taxation Administration Act 1953?

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Notice of Withdrawal

Taxation Determination TD 2003/24 is withdrawn with effect from today.

1. TD 2003/24 explains that under section 6-5 of the Income Tax Assessment Act 1997 (ITAA 1997), as modified by paragraph 328-105(1)(a) of the ITAA 1997, an STS taxpayer who receives an assessable payment from which an amount has been withheld under the Pay As You Go withholding rules is taken also to have received the amount withheld. It states that both the net amount actually received by the STS taxpayer and the amount withheld by the payer at the same time are to be included in the assessable income for that year.

2. TD 2003/24 relates to the STS provisions in former Subdivision 328-G of the ITAA 1997, which were repealed with effect from 21 June 2007.

3. TD 2003/24 has no ongoing relevance and is therefore withdrawn without replacement.

Commissioner of Taxation
7 December 2016

© 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).

Previously released in draft form as TD 2003/D10.

References

ATO references:
NO 1-9N72KXS

Related Rulings/Determinations:

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

Subject References:
constructive receipt
PAYG withholding
STS accounting methods
STS taxpayers

Legislative References:
ITAA 1997 6-5
ITAA 1997 6-5(4)
ITAA 1997 328-105(1)(a)
TAA 1953 Sch 1 Div 12
TAA 1953 Pt IVAAA
TAA 1953 12-190(1)

Case References:
Case 6
12 CTBR 35