[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
Early 2025
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
[4172] Application of CGT event K6
Title
Draft Taxation Ruling
Draft update to Taxation Ruling TR 2004/18 Income tax: capital gains: application of CGT event K6 (about pre-CGT shares and pre-CGT trust interests) in section 104-230 of the Income Tax Assessment Act 1997
Purpose
The draft update will revise aspects of TR 2004/18 about how the capital gain is calculated when a CGT event K6 happens. The update will focus on the interpretation and application of subsection 104-230(6) of the Income Tax Assessment Act 1997, including the approach to working out which items of post-CGT property relevant capital proceeds are reasonably attributable to.
Expected completion
December 2024
Contact
Heran Kim, Private Wealth
Phone: (02) 9685 8516
[4188] Deceased estates: 'double death' [updated]
Title
Draft Taxation Determination
CGT consequences under Division 128 of the Income Tax Assessment Act 1997 when a beneficiary of a deceased estate dies before a CGT asset of the deceased estate passes to them
Purpose
This guidance will clarify the Commissioner’s view on the application of the CGT rollover concession in Division 128 of the Income Tax Assessment Act 1997 when a beneficiary of a deceased estate dies before a CGT asset of the deceased estate passes to them.
Expected completion
Mid-2025
Contact
Danijela Jablanovic
Phone: (07) 3213 5864
Danijela.jablanovic@ato.gov.au
[4189] Deceased estates: right to occupy[updated]
Title
Draft Taxation Determination
What constitutes a right to occupy a dwelling 'under a deceased’s will' for the purpose of obtaining the CGT exemption in section 118-195 of the Income Tax Assessment Act 1997?
Purpose
This guidance will provide the Commissioner’s view on when an individual has a right to occupy a dwelling under a deceased’s will for the purposes of subsection 118-195(1) of the Income Tax Assessment Act 1997 to obtain a CGT main residence exemption.
Expected completion
Early 2026
Contact
Penny Hextall
Phone: (03) 8601 9423