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14 Oct 10 2 trust Practice Statements withdrawn - PS LA 2005/1 & PS LA 2009/7

On 13 October 2010, the ATO withdrew the following 2 Practice Statements:

  • PS LA 2005/1 (GA) Taxation of capital gains of a trust To outline approaches the Commissioner will accept for the taxation of capital gains included in the net income of a trust 13 September 2010
  • PS LA 2009/7 Approach to certain trust issues involving Division 6 of Part III of ITAA1936 pending resolution of the Bamford litigation To advise staff of the approach to be taken in respect of compliance activities, assessments, administrative penalties, interest charges, collections, rulings, and objections and appeals

PS LA 2005/1 (GA) is withdrawn from 13 October 2010. Refer to the Decision Impact Statement for FCT v Bamford [2010] HCA 10 and Law Administration Practice Statement PS LA 2010/1 for its applicability to the 2009-10 and earlier income years.

PS LA 2009/7 is withdrawn with effect from 2 June 2010. It has been replaced by Law Administration Practice Statement PS LA 2010/1. The ATO view of the decision in FCT v Bamford [2010] HCA 10 is set out in the Decision Impact Statement for that case.

 


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