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This draft Taxation Ruling was issued on 24 March 2010. Its full title is "Income tax: the relevance of 'economic compulsion' in deciding whether an issuer of a financing arrangement has an 'effectively non-contingent obligation' for the purposes of s 974-135 of ITAA 1997".

The draft Ruling states: "For the purposes of s 974-135, 'economic compulsion' to take an action may lead to the conclusion that there is an effectively non-contingent obligation to take that action only if the compulsion arises on having regard to the pricing, terms and conditions of the relevant scheme, as s 974-135(1) requires. Other matters may only be regarded for the purpose of considering the effect of the pricing, terms, and conditions of the relevant scheme. They are otherwise irrelevant."

For a copy of TR 2010/D1, go here


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