Taxation Ruling

IT 60W - Withdrawal

Income tax: assessable income - employees award scheme

• Please note that the PDF version is the authorised version of this withdrawal notice.

FOI status:

NOTICE OF WITHDRAWAL

Taxation Ruling IT 60 is withdrawn with effect from today.

1. Taxation Ruling IT 60 applied only for the purpose of applying paragraph 26(e) of the Income Tax Assessment Act 1936 to include in assessable income a non-cash benefit provided to an employee. The Ruling does not apply to benefits of this kind provided to an employee on or after 1 July 1986. Subparagraph 26(e)(iv) now excludes fringe benefits from the assessable income of a taxpayer.

2. IT 60 was the subject of a Notice of Archival on 9 September 1993.

3. IT 60 is now being withdrawn in accordance with paragraph 5 of Addendum No. 3 to Taxation Ruling IT 1 Taxation Ruling System: explanation and status, which states:

We will withdraw progressively all Rulings in the IT series for which we have issued Notices of Archival.

Commissioner of Taxation
31 May 2006

References

ATO references:
NO 2005/18404

Related Rulings/Determinations:

IT 60