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Tax Administration Act 1994

Determinations

90AA: Application of determinations made under section 90

You could also call this:

"Using new tax rules for your financial arrangement"

Illustration for Tax Administration Act 1994

You have a financial arrangement that is covered by subpart EW of the Income Tax Act 2007. A determination made under section 90 applies to your arrangement until a new one is made under section 90AC. When a new determination is made, you must use it and not the old one made under section 90. You must apply the new determination to your financial arrangement. This means you cannot use the old determination made under section 90. The new determination is made under section 90AC and it applies to your arrangement.

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Topics:
Money and consumer rights > Taxes
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90: Determinations in relation to financial arrangements, or

"The Commissioner makes decisions about financial arrangements for tax purposes."

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Part 5Determinations

90AAApplication of determinations made under section 90

  1. A determination made under section 90 applies, in principle, to a financial arrangement to which subpart EW of the Income Tax Act 2007 applies until a new determination that is relevant to the financial arrangement is made by the Commissioner under section 90AC.

  2. Once a determination is made under section 90AC, a person must apply that determination to a financial arrangement to which subpart EW of the Income Tax Act 2007 applies, and must not apply the determination made under section 90.

Notes
  • Section 90AA: inserted, on (applying on and after 20 May 1999), by section 74(1) of the Taxation (Accrual Rules and Other Remedial Matters) Act 1999 (1999 No 59).
  • Section 90AA(1): amended, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).
  • Section 90AA(1): amended, on (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).
  • Section 90AA(2): amended, on (effective for 2008–09 income year and later income years, unless the context requires otherwise), by section ZA 2 of the Income Tax Act 2007 (2007 No 97).
  • Section 90AA(2): amended, on (effective for 2005–06 tax year and later tax years, except when the context requires otherwise), by section YA 2 of the Income Tax Act 2004 (2004 No 35).