Taxation Ruling

TR 97/10W

Income tax: treatment of an amount of 'excess deduction' under the 'loss' election provisions by a taxpayer carrying on mining, petroleum or quarrying operations

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FOI status:

NOTICE OF WITHDRAWAL

Taxation Ruling TR 97/10 is withdrawn with effect from today.

Amendments inserted by the New Business Tax System (Integrity and Other Measures) Act 1999 mean that the provisions that previously gave rise to 'excess deductions' will no longer operate in the 1999-2000 income year or later years. These amendments effectively end the concept of 'excess deductions' thus making Taxation Ruling TR 97/10 redundant to the application of the current law.

Commissioner of Taxation
11 October 2000

References

ATO references:
NO T2000/4313

Related Rulings/Determinations:

TR 97/10