Taxation Ruling IT 2498A - Addendum - Income tax: foreign tax credit system: currency translation of foreign income: trading stock and depreciable plant: basis of returning foreign income: capital gains/losses



Ruling: 1. Paragraph 10: After the paragraph insert: This Addendum applies on and from 1 July 2003. Commissioner of Taxation 26 October 2005




This Addendum amends Taxation Ruling IT 2498 following the introduction of the New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 and the Income Tax Assessment Amendment Regulations 2005 (No. 2). | For most taxpayers who have an applicable commencement date, that date will be 1 July 2003 but it will be later than this time for taxpayers who have a substituted accounting period for the 2003-04 income year.


Related rulings: IT 2498