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Edited version of private ruling
Authorisation Number: 1011794400644
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Ruling
Subject: Administrators responsibilities and liabilities
The rulee asked the following questions and the Commissioner has ruled on each of the questions.
Question 1
Are the receivers liable for and required to pay tax on the gains arising from the sale of property lots pursuant to section 254 of the Income Tax Assessment Act 1936 (ITAA 1936)?
Answer
Yes
Question 2
Are the receivers liable for and required to pay tax on the rental income derived from property lots pursuant to section 254 of the ITAA 1936?
Answer
Yes
Question 3
Are the receivers liable to lodge an income tax return in respect of the sale of property lots and the rental income that they received from property lots?
Answer
Yes
Question 4
Are the receivers liable for and required to pay tax on the gains arising from the sale of property lots pursuant to section 254 of the ITAA 1936 where the sales were made by X?
Answer
No.
Question 5
Are the receivers liable to pay tax on the gains arising from the sale of the units or the rental income pursuant to any other provision in the tax legislation?
Answer
Decline to rule.