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Comments on Draft Taxation Ruling TR 1999/D13 Income Tax: advance payments made under swap agreements'

Published on 01 Nov 99 by THE TAX INSTITUTE

Institute of Chartered Accountants in Australia, the Australian Society of CPAs, the Taxation Institute of Australia and the Australian Taxpayers' Association. Comments on Draft Taxation Ruling TR 1999/D13Income Tax: advance payments made under swap agreements. The professional bodies welcome the opportunity to comment on TR 1999/D13. Generally speaking the proposed ruling represents a change of interpretation by the Australian Taxation Office, however it does not provide any reasoning for this change. Given the Government's announcement that it intends to introduce a comprehensive regime for the taxation of financial arrangements, the proposed ruling is seemingly unnecessary. In the circumstances the professional bodies submit that the proposed ruling be abandon and IT 2682 allowed to continue unaffected until legislation is introduced.

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