Draft Taxation Ruling TR 2012/D1A1







Addendum: This Addendum is not a public ruling for the purposes of the Taxation Administration Act 1953 . You can rely on this publication to provide you with protection from interest and penalties in the following way. If a statement turns out to be incorrect and you underpay your tax as a result, you will not have to pay a penalty. Nor will you have to pay interest on the underpayment provided you reasonably relied on the publication in good faith. However, even if you don't have to pay a penalty or interest, you will have to pay the correct amount of tax provided the time limits under the law allow it. | This Addendum amends Draft Taxation Ruling TR 2012/D1 to correct some minor errors. | Omit the words from the second dot point 'in that year'. | Omit the table; substitute: | Share of distributable income | ( 416 / 70,000 ) x $100,000 = $ 594 | ( 20,000 / 70,000 ) x $100,000 = $ 28,571 | ( 49,168 / 70,000 ) x $100,000 = $ 70,240 | Omit the last two sentences; substitute 'Attributable income may represent undistributed income or gains made by the foreign entity in which the trustee has an interest. To the extent that the trustee has not recognised any increase in the value of its interest in the foreign entity as an accretion to income for the income year, such attributable income is considered to be notional income.' | Commissioner of Taxation 29 May 2012


Related rulings: TR 2012/D1