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TD 2008/28Wwithdrawnchange

Withdrawal - Income tax: when is income tax of a private company a 'present legal obligation' for the purposes of the distributable surplus calculation under subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936?

Notice of Withdrawal

Taxation Determination TD 2008/28 concerned when income tax of a private company properly payable for an income year, but unpaid at the end of that year, is a 'present legal obligation' for the purposes of the distributable surplus calculation under subsection 109Y(2) of Division 7A of Part III of the Income Tax Assessment Act 1936.

The Determination has been withdrawn as the ATO has changed its view following the decision of the Full Federal Court in Commissioner of Taxation v. H [2010] FCAFC 128.

It is replaced by Draft Taxation Determination TD 2012/D1.

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