Taxation Determination TD 92/185







This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953, is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. | 1. Uninscribed securities (i.e. where a register of investors is not maintained) and derivatives (such as interest rate futures contracts, forward rate agreements and repurchase agreements) are not subject to tax file number (TFN) arrangements. Inscribed securities (i.e. where a register of investors is maintained) are generally subject to TFN arrangements. | 2. The TFN rules in Part VA and Division 3B of Part VI of the Income Tax Assessment Act 1936 apply to the following three main types of transferable inscribed money market securities: | 3. The TFN rules apply to non-transferable securities regardless of whether income is earned by way of interest or discount. Income accrued under an eligible deferred interest investment issued on or after 1 February 1992 is subject to the TFN withholding tax provisions of Subdivision C of Division 3B of Part VI in all but the final year of the investment. | 4. The above is depicted in the following chart : | Commissioner of Taxation 05/11/92 | Previously issued as Draft TD 92/D116


Related rulings: IT 2634
Legislative references: ITAA Part VA; ITAA Division 3B of Part VI
Subject references: tax file numbers and money market securities; investments; inscribed securities