Draft Taxation Determination TD 2019/D11
The submission to the Australian Taxation Office in response to the draft Taxation Determination TD 2019/D11 (TD) was prepared by the Taxation Committee of the Business Law Section.
All legislative references in this submission are to provisions of the Income Tax Assessment Act 1997, unless indicated otherwise.
The Taxation Committee disagrees with the position expressed in the draft TD because it:
- is not based on a supportable interpretation of the legislation;
- is inconsistent with past Australian Taxation Office (ATO) interpretive guidance; and
- would lead to inappropriate outcomes for at least one industry. If the view in the draft TD nevertheless does become final, the Committee’s view is that it ought to be applied prospectively only, rather than both before and after its publication as is currently proposed.
You can read the full submission below.