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New tax ruling on ‘carrying on a business’ released

New tax ruling on ‘carrying on a business’ released

Tax practitioners now have greater certainty over determining whether a company carries on a business for the 2015-16 and 2016-17 income years with the release of a new tax ruling.

  • Shared by Accountants Daily
  • April 11, 2019
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The ATO has released TR 2019/1, replacing the previous draft TR 2017/D7, setting out the Commissioner’s view on when a company carries on a business for accessing the lower corporate tax rate of 27.5 per cent in the 2015-16 and 2016-17 income years, and for determining the franking percentage to be applied to dividends paid to shareholders.

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