The ATO Thur 15.11.2012, released a Decision Impact Statement about the following case:
- AAT Case [2012] AATA 527, Re The Trustee for MH Ghali Superannuation Fund and FCT – In that case, the AAT confirmed amended assessments to include “special income” issued to a taxpayer for the 2005 and 2006 income years under the then s 273 of the ITAA 1936. The ATO said the comments in the Decision Impact Statement referring to s 273 are equally applicable to s 295-550 of the ITAA 1997. Broadly, it said it does not agree with the Tribunal that the fixed entitlement in s 273 took its meaning from the definition in Sch 2F of the ITAA 1936. The ATO said it will maintain the view that the Sch 2F definition does not apply to s 273 and s 295-550 in accordance with Taxation Ruling TR 2006/7 (Special income derived by a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust in relation to the year of income).
[LTN 222, 15/11]