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Tax Office ruling on franking distributions issued just in time

Publication date: 25 Jul 12 | Source: CCH TAX WEEK

Issue: Issue 18 13 July 2012

Pages: pp 1-5

Abstract:

The Tax Office has recently released it's final tax ruling (TR 2012/5) setting out the circumstances in which the Tax Office considers that a franked distribution may be made by a company. The position adopted is broadly consistent with it's previous draft ruling, with additional clarification on the areas of uncertainty raised during the consultation process.

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Author profiles

Michael BARR-DAVID
Karen Payne CTA
Karen, CTA, was appointed as the inaugural Chief Executive Officer of the Board of Taxation, effective 31 March 2016. She is also a Member of the Board of Taxation, appointed in May 2015. She chaired the Board’s working group that advised on the implementation of the OECD hybrid mismatch rules – both generally and specifically in relation to regulatory capital. Karen was a member of the Board of Taxation advisory panel and assisted with the reviews of tax arrangements for managed investment trusts, venture capital limited partnerships, collective investment vehicles , the investment manager regime and the arm’s-length debt test. Karen was previously a Partner at Minter Ellison focusing on international and corporate taxes for the financial services industry, and mining, energy and utilities sectors. Karen has assisted domestic and international corporates and funds (equity, infrastructure, property, private equity and venture capital) with advice on structure, M&A and taxation due diligence. - Current at 09 December 2017
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Robert AUSTIN