06 Nov 14 Addendum to TR 2005/7 (taxation implications of 'partnership salary' agreements) issued
On 5 November 2014, the ATO issued the following addendum to Taxation Ruling TR 2005/7:
- TR 2005/7A1 - Income tax: the taxation implications of 'partnership salary' agreements
The addendum amends Taxation Ruling TR 2005/7 to include the taxation consequences of a partner's salary where the partnership is a corporate limited partnership.
As a result, ATO ID 2002/564 (Income Tax Partner Salary in A Corporate Limited Partnership) has been withdrawn.