Income tax: do mutual receipts form part of 'exempt income' in the context of general domestic current year losses and undeducted prior year losses?

It continues to apply to arrangements begun to be carried out before the withdrawal but does not apply to arrangements begun to be carried out after the withdrawal.

TD 92/181 provides that mutual receipts are not income and they do not form part of exempt income for the purposes of general domestic current year losses and undeducted prior year losses.

TD 92/181 is replaced by draft Taxation Ruling TR 2015/D1 Income tax: income tax matters relating to bodies corporate constituted under strata title legislation which issued today.