Taxation Determination

TD 96/28W

Income tax: can an amount deducted under the Prescribed Payment System (PPS) from a payment to a company be entered into a franking account of the company at the time the deduction is made?

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Notice of Withdrawal

Taxation Determination TD 96/28 is withdrawn with effect from today.

1. Taxation Determination TD 96/28 explains:

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the meaning of 'paid' in section 160APA of the Income Tax Assessment Act 1936 (ITAA 1936); and

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when an amount deducted under the PPS from a payment to a company gives rise to a credit in the franking account of the company.

2. The pay as you go (PAYG) withholding system replaced the PPS for the 2000-01 and later income years

3. TD 96/28 does not have application to income tax years commencing on or after the 1999-2000 income year.

Commissioner of Taxation
7 August 2013

Previously issued as Draft TD 96/D3

References

ATO references:
NO 1-2AE46NU