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.g. payments for carriage under a "bill of lading" contract. TR 2006/1 contains a number of examples …