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20 Sep 12 2 draft Taxation Determinations on s 254 ITAA 1936 - TDs 2012/D6 & D7

On 19 September 2012, the ATO released the following 2 draft Taxation Determinations for public comment by 19 October 2012:

  • TD 2012/D6 - Income tax: must income tax have been assessed before an agent or trustee has an obligation under s 254 of ITAA 1936 to retain sufficient money to pay tax which is or will become due as a result of their agency or trusteeship? [The answer given is No]
  • TD 2012/D7 - Income tax: does a receiver who disposes of a CGT asset as the agent for a debtor have an obligation under s 254 of ITAA 1936 to retain from sale proceeds sufficient money to pay tax which is or will become due as a result of disposing of that asset? [The answer given is Yes]

 


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