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Class Ruling

CR 2006/42W

Income tax: treatment of payments received under the Securing our Fishing Future package:
• Business Exit Assistance - Fishing Concession Voluntary Surrender
• Boat Scrapping Incentive
• Business Advice Assistance

  • Please note that the PDF version is the authorised version of this withdrawal notice.
    This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

may be released

This Ruling provides you with the following level of protection:

This publication (excluding appendixes) is a public ruling for the purposes of the Taxation Administration Act 1953.

A public ruling is an expression of the Commissioner's opinion about the way in which a relevant provision applies, or would apply, to entities generally or to a class of entities in relation to a particular scheme or a class of schemes.

If you rely on this ruling, we must apply the law to you in the way set out in the ruling (or in a way that is more favourable for you if we are satisfied that the ruling is incorrect and disadvantages you, and we are not prevented from doing so by a time limit imposed by the law). You will be protected from having to pay any underpaid tax, penalty or interest in respect of the matters covered by this ruling if it turns out that it does not correctly state how the relevant provision applies to you.

Withdrawal

1. This Ruling is withdrawn after 30 June 2007.

Commissioner of Taxation
17 May 2006

Not previously issued as a draft

References

ATO references:
NO 2006/7933

ISSN: 1445-2014

Related Rulings/Determinations:

IT 225
IT 2228

Subject References:
balancing adjustment event
bounties and subsidies
capital gains tax
ordinary income
primary production income
termination value

Legislative References:
TAA 1953
TAA 1953 357-75(1)
ITAA 1997 6-5
ITAA 1997 6-5(1)
ITAA 1997 8-1
ITAA 1997 15-10
ITAA 1997 Div 40
ITAA 1997 Subdiv 40-B
ITAA 1997 40-30
ITAA 1997 40-40
ITAA 1997 40-85
ITAA 1997 40-190(2)(a)
ITAA 1997 40-285
ITAA 1997 40-295(1)
ITAA 1997 40-295(1)(a)
ITAA 1997 40-300
ITAA 1997 40-300(2)
ITAA 1997 40-305
ITAA 1997 Subdiv 40-E
ITAA 1997 Pt 3-1
ITAA 1997 Div 102
ITAA 1997 104-25
ITAA 1997 104-235
ITAA 1997 108-5
ITAA 1997 Subdiv 115-A
ITAA 1997 Subdiv 115-B
ITAA 1997 Subdiv 115-C
ITAA 1997 116-40
ITAA 1997 118-20
ITAA 1997 118-24
ITAA 1997 Pt 3-3
ITAA 1997 Subdiv 124-C
ITAA 1997 Div 152
ITAA 1997 Subdiv 328-D
ITAA 1997 Div 392
ITAA 1997 392-45(2)
ITAA 1997 392-80(2)
ITAA 1997 392-80(3)
Copyright Act 1968
Fisheries Management Act 1991
Fisheries Act 1982 (SA)
Fisheries Act 1995 (Vic)
Living Marine Resources
Management Act 1995 (Tas)

Case References:
AAT Case 6254 / AAT Case X82
21 ATR 3708
90 ATC 599


C of T (NSW) v. Meeks
(1915) 19 CLR 568

Federal Coke Co Pty Ltd v. Federal Commissioner of Taxation
(1977) 7 ATR 519
77 ATC 4255

Federal Commissioner of Taxation v. Rowe
(1997) 187 CLR 266
35 ATR 432
97 ATC 4317

First Provincial Building Society Ltd v. Federal Commissioner of Taxation
(1995) 56 FCR 320
95 ATC 4145
(1995) 30 ATR 207

Glenboig Union Fireclay Co Ltd v. IR Commrs
(1922) 12 TC 461

GP International Pipecoaters Pty Ltd v. Federal Commissioner of Taxation
(1990) 170 CLR 124
90 ATC 4413
(1990) 21 ATR 1

Hayes v. Federal Commissioner of Taxation
(1956) 96 CLR 47

Placer Development Ltd v. Commonwealth
(1969) 121 CLR 353

Reckitt & Colman Pty Ltd v. Federal Commissioner of Taxation
(1974) 4 ATR 501
74 ATC 4185

Scott v. Federal Commissioner of Taxation
(1966) 117 CLR 514

The Squatting Investment Co. Ltd v. Federal Commissioner of Taxation
(1953) 86 CLR 570

Other References:
Macquarie Dictionary, 2001, rev. 3rd edn, The Macquarie Library Pty Ltd, NSW

CR 2006/42W history
  Date: Version: Change:
  30 March 2006 Original ruling  
You are here 1 July 2007 Withdrawn  

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