31 May 12 Withdrawal of TR 97/1 and addendum to TR 2006/3 (Government payments and nursing homes)
On 30 May 2012, the ATO withdrew the following Ruling with effect from the same day:
- TR 97/1 Income tax: Commonwealth benefits received by nursing homes
The structure of Commonwealth funding for residential aged care services has changed significantly since TR 97/1 issued on 22 January 1997. The principles governing the timing of derivation of income from government grants are covered adequately in TR 2006/3.
On 30 May 2012, the ATO issued the following addendum:
- TR 2006/3A2 Income tax: government payments to industry to assist entities (including individuals) to continue, commence or cease business
It amends Taxation Ruling TR 2006/3 consequential upon the withdrawal of Taxation Ruling TR 97/1.