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Legal database

Class Ruling

CR 2007/101W

Income tax: treatment of payments received under the Securing our Fishing Future package:

•
Onshore Business Exit Assistance
•
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.

This publication 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 applies from 1 July 2006 to 30 June 2010. However, the Ruling continues to apply after this date to all entities within the specified class who entered into the specified scheme during the term of the Ruling, subject to there being no change in the scheme or in the entities involved in the scheme.

Commissioner of Taxation
31 October 2007

Not previously issued as a draft

References

ATO references:
NO 2007/18406

ISSN: 1445-2014

Related Rulings/Determinations:

TR 95/35
TR 1999/16
CR 2007/49

Subject References:
bounties and subsidies
capital gains tax
income vs capital
ordinary income
primary production income

Legislative References:
ITAA 1997 6-5
ITAA 1997 6-5(1)
ITAA 1997 15-10
ITAA 1997 Subdiv 20-A
ITAA 1997 20-30
ITAA 1997 Pt 3-1
ITAA 1997 Div 102
ITAA 1997 104-10
ITAA 1997 104-20
ITAA 1997 104-25
ITAA 1997 108-5
ITAA 1997 Div 110
ITAA 1997 110-45(1B)
ITAA 1997 110-45(3)
ITAA 1997 110-55(6)
ITAA 1997 Div 112
ITAA 1997 Subdiv 115-A
ITAA 1997 Subdiv 115-B
ITAA 1997 Subdiv 115-C
ITAA 1997 116-40
ITAA 1997 Pt 3-3
ITAA 1997 Div 152
ITAA 1997 Div 392
ITAA 1997 392-45(2)
ITAA 1997 392-80(2)
ITAA 1997 995-1(1)
Corporations Act 2001 Pt 5A.1
TAA 1953
TAA 1953 Sch 1 357-75(1)
Copyright Act 1968

Case References:
Californian Oil Products Ltd (in liq) v. FCT
(1934) 52 CLR 28


Commissioner of Taxes (Vic) v. Phillips
(1936) 55 CLR 144

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

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

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 of Australia
(1969) 121 CLR 353

Reckitt and 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
Department of Agriculture, Fisheries and Forestry Securing our Fishing Future - Onshore Business Assistance Guidelines www.daff.gov.au/fishingfuture

CR 2007/101W history
  Date: Version: Change:
  31 October 2007 Original ruling  
You are here 1 July 2010 Withdrawn  

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