Taxation Determination

TD 93/168

Income tax: foreign income - can 'trading stock' and 'other assets used solely in carrying on a business' come within the definition of 'tainted asset' in section 317?

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

FOI status:

draft only - for commentFOI number: I 1215986

This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does 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 the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).

1. Yes. Assets which fall within paragraph (a) or (b) of the definition of 'tainted asset" are tainted whether or not they are:

*
trading stock; or
*
otherwise used solely in carrying on a business.

Commissioner of Taxation
26/8/93

Previously issued as Draft TD 93/D156

References

ATO references:
NO NO 93/2928-0

ISSN 1038 - 8982

Subject References:
Controlled Foreign Companies

Legislative References:
ITAA 317

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