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Media Release - Nat 04/012
GST-registered taxpayers who have had an assessable capital gain or loss may be able to claim income tax refunds following today's release of a draft tax determination.
This determination explains the Tax Office's view before amendments to capital gains tax (CGT) law, expected to take effect from 20 February 2004.
The amended legislation will require people to exclude GST input tax credits when calculating capital gains or losses.
Taxpayers registered for GST may now be able to claim tax refunds if they followed previous Tax Office advice when calculating capital gains or losses on assets sold between 1 July 2000 and 19 February 2004.
This tax determination changes advice in the Tax Office's Guide to Capital Gains Tax booklet for the 2001, 2002 and 2003 years.
The Tax Office will be explaining changes to taxpayers and tax agents through electronic tax agent broadcasts, large business bulletins and other information on its website.
Guide material and literature will also be updated to reflect the law change.
To apply for a tax refund, write to the Tax Office at:
GPO Box R1257
PERTH WA 6844
For more information, phone the Tax Office on 13 28 66.
The draft tax determination TD 2004/D3 is available on the ATO website, www.ato.gov.au.
CANBERRA
25 February 2004
Last Modified: Wednesday, 25 February 2004