Y3713 - Taxation of Australian Resident Members

On 2nd November 2005 the Australian Taxation Office (ATO) issued a new rulingTR2005/18 which sets out the application of the “foreign loss quarantining” rules toLloyd’s income and clarifies the operation of the foreign tax credit system as itinteracts with these rules. It also withdrew an earlier ruling TR94/31 as it containedinformation which is now out of date. 22 December, 2005