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23 Sep 10 "Economic compulsion" and ENCO - TR 2010/5

On 22 September 2010, the ATO issued final Taxtion Ruling TR 2010/5, previously released in draft form as TR 2010/D1. Its full title is "Income tax: the relevance of 'economic compulsion' in deciding whether an issuer of a financing arrangement has an 'effectively non-contingent obligation' for the purposes of s 974-135 of the Income Tax Assessment Act 1997"

In the Ruling, "economic compulsion" means that a reasonable person in the position of the issuer of a financing arrangement would conclude at the time of issue that the issuer was inevitably bound to take a future action rather than suffer the adverse economic consequences of not taking that action.

 


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