Taxation Determination

TD 94/6W

Income tax: abnormal income of artists, sportspersons etc: can eligible taxable income be a negative amount for the purposes of Division 16A of Part III of the Income Tax Assessment Act 1936, so that a loss can be recognised from eligible activities and used to reduce average eligible taxable income?

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Notice of Withdrawal

Taxation Determination TD 94/6 is withdrawn with effect from today.

1. This Determination explains that the definition of 'eligible taxable income' in section 158J of the Income Tax Assessment Act 1936 (ITAA 1936) does not envisage a loss.

2. Section 158BA of the ITAA 1936 provides that Division 16A of Part III of the ITAA 1936 does not apply for the purposes of an assessment for the 1998-99 year of income or a later year of income.

3. The Determination does not have application to income tax years after the 1997-98 income year.

Commissioner of Taxation
27 February 2008

Previously issued as Draft TD 93/D271

References

ATO references:
NO 2006/20258

Subject References:
abnormal income
average eligible taxable income
eligible taxable income

Legislative References:
ITAA Pt III Div 16A
ITAA 158J