TR 93/26PW - Partial Withdrawal
Income tax: issues relating to the horse industry
Please note that the PDF version is the authorised version of this ruling.View the consolidated version for this notice.
FOI status:may be released
Notice of Withdrawal
Draft Taxation Ruling TR 2007/D9 Income tax: various income tax issues relating to the horse industry; including whether racing, training and breeding activities (carried out as stand-alone activities or in combination) amount to the carrying on of a business, which is released today, covers issues considered in TR 93/26.
Taxation Ruling TR 93/26 is partially withdrawn as follows:
1. Other Rulings on this topic
|(a) Whether the activities are a hobby or a business||2|
|(b) Live stock or plant?||16|
|(c) Valuation of live stock||24|
|(d) Capital gains on disposal of horse||54|
|(g) Prepayment of stallion service fees||74|
|(h) Ruling requests||77|
|Whether the activities are a hobby or a business||79|
|Live stock or plant||87|
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 (unless we are satisfied that the ruling is incorrect and disadvantages you, in which case we may apply the law in a way that is more favourable for you - provided 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.
4. Paragraph 1
1. This Ruling discusses the income tax treatment of stallion syndicates, including whether a partnership exists in terms of Division 5 of Part III of the Income Tax Assessment Act 1936 (the ITAA 1936).
5. Paragraphs 2 to 56
6. Paragraph 63
7. Paragraph 71
- omit 'Act' (first occurring); substitute 'ITAA 1936'
- omit 'Act' (second occurring); substitute 'income tax laws'.
8. Paragraph 74 to 77
9. Paragraph 78
78. This Ruling applies both before and after its date of issue. However, it does not apply to taxpayers to the extent that it conflicts with the terms of settlement of a dispute agreed to before the date of issue of Ruling (see paragraphs 75 and 76 of Taxation Ruling TR 2006/10).
10. Paragraphs 79 to 92
IT 28; TR 2006/10
- stallion service fees
- syndicated horses
- ITAA 1936 6(1)
- ITAA 1936 159GT(1)
- ITAA 1936 159GT(3)
- ITAA 1936 Pt III Div 5
- ITAA 1936 Pt III Div 16E
- TAA 1953
- Arthur Murray (NSW) Pty Ltd v. FC of T (1965) 14 ATD 98; 114 CLR 314
|ATOlaw topic:||Income Tax ~~ Assessable income ~~ business v hobby
Income Tax ~~ Deductions ~~ business v hobby
Commissioner of Taxation
22 August 2007
NO NAT 99/15852-2