The Executive Summary in the submission identifies the following issues with the draft Ruling:
- The Draft TD provides a simplistic and incomplete overview of complex law
- Possible significant departure from the ATO’s previous views and practice
- The Draft TD fails to consider whether the income has an Australian ‘source’
- Investors in Pooled Funds are predominantly located in Tax Treaty countries
- The Draft TD acknowledges that each case depends on its own unique facts, but the analysis proceeds on the basis of a single limited set of facts
- The example transaction is not representative.
- The Draft TD identifies the wrong taxpayer.