Guide to capital gains tax 2005-06

More information

Internet

For up-to-date and comprehensive information about deductions and to download publications, rulings and general tax information, visit www.ato.gov.au

Publications

Publications relevant to this guide, including recent Rulings and Determinations, include:

• Capital allowances schedule instructions 2006 (NAT 4089-6.2006)
   
• Capital gains tax (CGT) schedule 2006 (NAT 3423-6.2006)
   
• Company tax return 2006 (NAT 0656-6.2006)
   
• Consolidation reference manual
   
• Employee share schemes - answers to frequently asked questions by employees
   
• Fund income tax and regulatory return 2006 (NAT 0658-6.2006)
   
• General value shifting regime: who it affects (NAT 8980)
   
• Guide to capital gains tax concessions for small business (NAT 8384)
   
• Guide to depreciating assets 2006 (NAT 1996-6.2006)
   
• Guide to the general value shifting regime
   
• Personal investors guide to capital gains tax 2006 (NAT 4152-6.2006)
   
• Rental properties 2006 (NAT 1729-6.2006)
   
• Tax return for individuals (supplementary section) 2006 (NAT 2679-6.2006)
   
• Tax return for retirees 2006 (NAT 2597-6.2006)
   
• Trust tax return 2006 (NAT 0660-6.2006)
   
• Venture capital concessions (capital gains tax) - overview
   
• Practice Statement PS LA 2006/1 (GA) - Calculating the cost base and reduced cost base of a CGT asset if a taxpayer does not have sufficient information to determine the amount of construction expenditure on the asset for the purpose of working out their entitlement to a deduction under Division 43 of the Income Tax Assessment Act 1997.
   
• Practice Statement PS LA 2005/1 (GA) - Taxation of a net capital gain included in the net income of a resident trust estate for an income year. (It replaces PS LA 2004/3 which was withdrawn on 1 September 2005).
   
• Taxation Determination TD 2004/3: Income tax: capital gains tax: does an asset 'pass' to a beneficiary of a deceased estate under section 128-20 of the Income Tax Assessment Act 1997 if the beneficiary becomes absolutely entitled to the asset as against the trustee of the estate?
   
• Taxation Determination TD 2005/33 - Does expenditure - which is a non-capital cost of ownership of a CGT asset - form part of the cost base of the asset, if it is a tax benefit in connection with a scheme to which the general anti-avoidance rules in Part IVA of the Income Tax Assessment Act 1936 apply?
• Taxation Determination TD 2005/47: Income tax: what do the words 'can deduct' mean in the context of those provisions in Division 110 of the Income Tax Assessment Act 1997 which reduce the cost base or reduced cost base of a CGT asset by amounts you 'have deducted or can deduct', and is there a fixed point in time when this must be determined?
• Draft Taxation Ruling TR 2005/D15: Income tax: capital gains: meaning of the words 'the beneficiaries and terms of both trusts are the same' in paragraphs 104-55(5)(b) and 104-60(5)(b) of the Income Tax Assessment Act 1997
   
• Draft Taxation Ruling TR 2004/D25 - Income tax: capital gains: meaning of the words 'absolutely entitled to a CGT asset as against the trustee of a trust' as used in Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997
   
• Taxation Ruling TR 92/3 - Whether profits on isolated transactions are income
   
• Taxation Ruling TR 2002/10 - Capital gains tax: assets register.
   
• Taxation Ruling TR 2005/6: Income tax: lease surrender receipts and payments
   
• Taxation Ruling TR 2005/9: Income tax: record keeping - electronic records
   
• Taxation Ruling TR 2005/15: Income tax and capital gains tax: tax consequences of financial contracts for differences
   
• Taxation Ruling TR 2005/23: Income tax: Listed investment companies
   
• Taxation Ruling TR 2005/D14: Income tax: capital gains tax: consequences of creating, and dealing in, life and remainder interests in property
   
• Fact sheets for shareholders listed in appendix 4.

Infolines

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