Taxation Determination

TD 95/31W

Income tax: are interest payments made to non-residents by an Offshore Banking Unit (OBU) on bearer debentures, where the names and addresses of the holders have not been supplied to the Commissioner of Taxation, caught by Division 11 and in particular section 126 of the Income Tax Assessment Act 1936 ?

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FOI status:

Notice of Withdrawal

Taxation Determination TD 95/31 has been withdrawn with effect from 30 June 1997.

Subsection 126(1) was substituted by Taxation Laws Amendment Act (No 2) 1997 (Act No 95 of 1997) with effect from 30 June 1997. Paragraph 126(1)(c) now clearly excludes interest payments falling within section 128GB from Division 11.

Commissioner of Taxation
5 May 1999

Previously issued as Draft TD 95/D1.

References

ATO references:
NO NAT 94/8857-0; 95/463-2

Subject References:
bearer debentures
Division 11
OBUs

Legislative References:
ITAA 121EA
ITAA 125
ITAA 126
ITAA 128AE(1)
ITAA 128GB
ITAA 128GB(3)
Div 11