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