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18 Mar 15 Debt/equity: “interest” held by “ultimate recipient” – TD 2015/3

On 18 March 2015 the ATO issued a taxation determination which deals with the question whether the reference to “the interest” as it appears in the phrase at the end of s 974-80(2) of the Income Tax Assessment Act 1997 (Cth) is a reference to the interest held by the “ultimate recipient”: Taxation Determination TD 2015/3 (18 March 2015).

The determination says yes: “the interest” referred to in the phrase at the end of s 974-80(2) is the interest held by the “ultimate recipient” and not the interest held by the “connected entity”.

This determination was previously issued in draft as TD 2014/D19.


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