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15 Dec 10 Application of s 109RB(1) of ITAA 1936 - TR 2010/8

On 15 December 2010, the ATO issued Taxation Ruling TR 2010/8 entitled "Income tax: application of s 109RB(1) of the ITAA 1936". It was previously released in draft form as TR 2010/D3.

The Ruling outlines the requirements to be satisfied before the Commissioner is empowered to make a decision to disregard the operation of Division 7A of Part III (Division 7A) of ITAA 1936 or allow the dividend taken to have been paid under Division 7A to be franked.

The Ruling discusses the requirements in s 109RB(1), including the meaning of "honest mistake" and "inadvertent omission" in s 109RB(1)(b).

The Ruling does not deal with the evidence required for a taxpayer to satisfy the Commissioner whether an honest mistake or inadvertent omission has occurred. This will be covered in a Law Administration Practice Statement.


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