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  • Advice under development – capital gains tax issues

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

    [3953] Back-to-back CGT rollovers

    Title
    Planned sequential transactions and the 'nothing else' condition of a roll-over

    Purpose
    This guidance will provide the Commissioner’s view on the interpretation and application of the ‘nothing else’ condition in CGT rollovers.

    Expected completion
    Late 2023

    Comments
    Paragraphs 2, 3 and 55, and Examples 3 and 4 of Taxation Determination TD 2020/6 Income tax: what is a 'restructuring' for the purposes of subsection 125-70(1) of the Income Tax Assessment Act 1997? discuss aspects of sequential transactions.

    Expected completion of this product is delayed due to priorities over the coming months.

    Contact
    Adam Pritchard, Public Groups and International
    Phone: (02) 9374 2775
    Adam.Pritchard@ato.gov.au

    [4030] Water rights

    Title
    Draft Taxation Determination
    Income tax: are water access entitlements taxable Australian real property under Division 855 of the Income Tax Assessment Act 1997?

    Purpose
    This draft Determination will clarify whether certain CGT assets, such as water access entitlements, are ‘taxable Australian real property’. This will provide certainty to foreign residents on whether a capital gain or loss from a CGT event that happens in relation to interests in water access entitlements is disregarded.

    Expected completion
    To be advised

    Comments
    Publication of the draft Determination has been delayed while we consider the various water access entitlements that are conferred by state and territory legislation.

    Contact
    David Lee, Office of the Chief Tax Counsel
    Phone: (03) 8601 9640
    David.Lee@ato.gov.au

    Last modified: 01 Sep 2023QC 50316