Draft Taxation Ruling on corporate limited partnership closes for public comment 30 June 2017

about 2 months ago
CLOSED: This map consultation has concluded
The ATO has published draft Taxation Ruling (TR) TR 2017/D4 – Income tax: When does a corporate limited partnership ‘credit’ an amount to be a partner in that partnership?

The draft Ruling, currently open for public comment, sets out the Commissioner’s preliminary but considered view on when a corporate limited partnership (CLP) ‘credits’ an amount to one of its partners within the meaning of section 94M of the Income Tax Assessment Act 1936.

Consultation

The ATO is encouraging tax professionals, legal professionals and taxpayers to get in contact with the authoring team to provide feedback on the substantive content of the draft TR, and the new approach it adopts. The draft TR is available on the ATO Legal Database and is open for comment until Friday 30 June 2017.