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20 Dec 07 Application of the transferor trust and CFC measures - TR 2007/13

This final Taxation Ruling was issued on 19 December 2007.  It was previously released in draft form as TR 2007/D8: see 2007 TAXVINE No 33 (14) (24 August 2007). Its full title is "Income tax: application of the transferor trust and controlled foreign company measures where property or services are transferred to a non-resident company in which a non-resident trustee has a direct or indirect ownership interest".

The Ruling states, at paras 8 and 9:

"8. A transfer of property or services by an Australian resident entity to a non-resident company in which a non-resident trustee has a direct or indirect ownership interest is considered to be property or services applied for the benefit of the non-resident trustee.

9. Accordingly, the transfer will be treated as having been made by the resident entity to the non-resident trustee under s 102AAJ(3) and s 344(3)."

For a copy of TR 2007/13, go here

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