Taxation Determination

TD 92/181W

Income tax: do mutual receipts form part of 'exempt income' in the context of general domestic current year losses and undeducted prior year losses?

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Notice of Withdrawal

Taxation Determination TD 92/181 is withdrawn with effect from today.

1. It continues to apply to arrangements begun to be carried out before the withdrawal but does not apply to arrangements begun to be carried out after the withdrawal.

2. TD 92/181 provides that mutual receipts are not income and they do not form part of exempt income for the purposes of general domestic current year losses and undeducted prior year losses.

3. TD 92/181 is replaced by draft Taxation Ruling TR 2015/D1 Income tax: income tax matters relating to bodies corporate constituted under strata title legislation which issued today.

Commissioner of Taxation
25 March 2015

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References

ATO references:
NO 1-6FMAYS3

Related Rulings/Determinations:

IT 2505

Subject References:
carry forward losses;
current year losses;
exempt income;
mutual income;
net exempt income;
sporting clubs

Legislative References:
ITAA 6(1)
ITAA 79E
ITAA 80