My mother in law mentioned that a friend of hers (who works in a solicitors office) said the ruling has changed to 1 year ?
I can't find it, has this occured ?
cheers
MattYou can’t find it because it’s not true.
There will be widespread mayhem and you will hear in all over the news if that happened. My understand of the 6 year rule is that you can keep on doing it indefinitely as long as it’s within the guidelines.
http://www.ato.gov.au/corporate/content.asp?doc=/content/86191.htm
Look directly at the relevant section in the Income Tax Assessment Act 1997, s 118-145.
http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s118.145.htmlTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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