The Australian Taxation Office released final Taxation Ruling TR 2006/1 dealing with the scope and nature of payments falling within Sec. 129 of the Income Tax Assessment Act 1936. TR 2006/1 was previously issued as draft Taxation Ruling TR 2005/D16.

TR 2006/1 considers the tax treatment, under Sec. 129, of various payments made under contractual arrangements for international shipping, e.…

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