This Ruling, released on Wed 30.7.2014, outlines the taxation effect under s 44 of the ITAA 1936 [actual dividends], Div 7A of the ITAA 1936 [deemed dividends], Subdiv 126-A of Pt 3-3 of the ITAA 1997 [CGT rollover on breakdown of marriage], and Div 207 of the ITAA 1997 [franking of dividends and deemed dividends], of private companies paying money or transferring property in compliance under s 79 of the Family Law Act 1975. It includes 8 examples to illustrate different outcomes of transfers. The Ruling was previously released as Draft Taxation Ruling TR 2013/D6 and contains substantial changes.
DATE OF EFFECT: The Ruling applies both before and after its date of issue.
[LTN 145, 30/7/14]