Taxation Ruling

TR 98/1A1 - Addendum

Income tax: determination of income; receipts versus earnings


This Addendum is a public ruling for the purposes of the Taxation Administration Act 1953. It amends Taxation Ruling TR 98/1 to update references to legislation and Taxation Rulings.

TR 98/1 is amended as follows:

1. Other Rulings on this topic

Omit 'IT 2227; '.

2. Contents list

Omit from the table:

Previous Rulings 24

3. Paragraphs 3 and 4

Omit the paragraphs.

4. Paragraph 7

Omit the first sentence; substitute 'This Ruling does not apply to income that is subject to specific provisions of the ITAA, e.g. dividends assessable under subsection 44(1) of the ITAA 1936, securities assessable under Division 16E of Part III of the ITAA 1936, or financial arrangements entered into by financial institutions covered by Division 230 of the ITAA 1997.'.

5. Paragraph 23

Omit the paragraph; substitute:

23. This Ruling applies to income years commencing both before and after its date of issue. However, this Ruling will 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 this Ruling (see paragraphs 75 and 76 of Taxation Ruling TR 2006/10).

6. Paragraphs 24 and 25

Omit the paragraphs.

7. Paragraph 47

Omit the third dot point; substitute:

Interest derived on a customer's overdue account where the provision of credit to customers is a regular feature of the business activities of the taxpayer and the interest is charged on an accruals basis. The interest owing by customers at the end of the year is assessable income derived in that year, even though it has not yet been received;

8. Detailed contents list


Previous Rulings 24

9. Subject references

Omit subject references and heading.

10. Legislative references


ITAA97 Div 230

This Addendum applies on and from 29 March 2017.

Commissioner of Taxation
29 March 2017


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ISSN: 2205-6211