Taxation Determination
TD 93/93
Income tax: will a section 160AB rebate continue to apply to interest derived from State Bank Victoria Deposit Stock issued before 1 November 1968 if the interest is paid by the Commonwealth Bank of Australia?
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FOI status:
may be releasedFOI number: I 1214981| This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20). |
1. Yes. The entitlement to the rebate is not affected by the Commonwealth Bank of Australia (CBA) paying the interest after the merger with the State Bank of Victoria (SBV).
2. The interest included in taxable income qualifies for the rebate under section 160AB of the Income Tax Assessment Act 1936 because it is derived from Deposit Stock which was issued by SBV before 1 November 1968. There is no requirement under the section for the interest to be actually paid by SBV.
Commissioner of Taxation
27/5/93
Previously issued as Draft TD 93/D69
References
ATO references:
NO MEL ADVC 28 893
Subject References:
Government Loan Interest;
Rebates
Legislative References:
ITAA 160AB
| Date: | Version: | Change: | |
| You are here | 27 May 1993 | Original ruling | |
| 12 April 2017 | Withdrawn |