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Advice under development – capital gains tax issues

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

Last updated 1 October 2023

[3953] Back-to-back CGT rollovers

Title

Draft Taxation Determination

Planned sequential transactions and the 'nothing else' condition of a rollover

Purpose

This guidance will provide the Commissioner’s view on the use of rollovers for certain arrangements which may include the interpretation and application of the ‘nothing else’ condition in CGT rollovers.

Expected completion

To be advised

Comments

The ATO is currently looking at arrangements where rollovers are used, including arrangements where rollovers are used in conjunction with another rollover or other transactions, and the public advice and guidance that would be appropriate to provide clarity to the ATO's position on these arrangements. This includes rollovers that have a ‘nothing else’ requirement.

Contact

Tara McLachlan, Private Wealth

Phone: (07) 3149 5339

Tara.McLachlan@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

QC50316