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  • Advice under development – capital gains tax issues

    We are developing advice and guidance on the following capital gains tax issues.

    [3802] Trust capital gains

    Title
    Draft Taxation Determination
    Income tax: is the source concept in Division 6 of Part III of the Income Tax Assessment Act 1936 (Division 6) relevant in determining whether a non-resident beneficiary of a resident trust (or trustee for them) is assessed on an amount of trust capital gain arising under Subdivision 115–C of the Income Tax Assessment Act 1997?

    Registered
    6 September 2016

    Purpose
    The draft Determination will set out proposed clarification on the taxation treatment of capital gains for a non-resident beneficiary or trustee of a resident trust.

    Expected completion
    To be advised

    Comments
    Targeted consultation has now ended. We are considering comments and issues raised which will be taken into account in developing the draft Determination.

    See also:

    [3803] Capital gain from a non-resident beneficiary of a non-fixed trust

    Title
    Draft Taxation Determination
    Income tax: does Subdivision 855–A (or subsection 768–915(1)) of the Income Tax Assessment Act 1997 (ITAA 1997) disregard a capital gain that a foreign-resident (or temporary resident) beneficiary of a resident non-fixed trust makes because of the operation of subsection 115–215(3)?

    Registered
    6 September 2016

    Purpose
    The draft Determination will set out proposed clarification on the taxation treatment of capital gains from non-taxable Australian property assets of a non-fixed trust.

    Expected completion
    To be advised

    Comments
    Targeted consultation has now ended. We are considering comments and issues raised which will be taken into account in developing the draft Determination.

    See also:

    [3918] Retirement villages – CGT event L5

    Title
    Draft Practical Compliance Guideline
    Retirement villages: ATO compliance approach to a capital gain made from CGT event L5 happening where TR 94/24 continues to apply to loan/lease occupancy agreements

    Registered
    May 2018

    Purpose
    The draft Guideline will provide proposed practical guidance when CGT event L5 in section 104–520 of the Income Tax Assessment Act 1997 happens for taxpayers continuing to rely on TR 94/24 (withdrawn in April 2000) when a subsidiary that owns or develops a retirement village exits the group.

    Expected completion
    November 2018

    [3953] Back-to-back CGT roll-overs

    Title
    Capital gains tax: if a CGT roll-over contains a condition that entities who own interests can acquire or receive 'nothing else', can the condition be satisfied if, after the transaction for which that CGT roll-over is sought, another transaction is planned to happen under which the same entities will acquire ore receive something?

    Registered
    November 2018

    Purpose
    Provide guidance on sequential planned transactions where a CGT roll-over is claimed for each transaction and the first roll-over contains a 'nothing else' condition.

    Expected completion
    May 2019

    Last modified: 07 Nov 2018QC 50316