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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
    To clarify 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 Taxation Determination.

    See also:

    [3803] Capital gain from a non-resident beneficiary on 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
    To clarify 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 Taxation Determination.

    See also:

    [3918] Retirement villages – CGT Event L5

    Title
    Draft Practical Compliance Guideline

    Retirement Villages: treatment of a CGT event L5 gain on exit of a subsidiary member where TR 94/24 applies in respect of the retirement village

    Registered
    May 2018

    Purpose
    To provide 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event L5 in section 104-520 of the Income Tax Assessment Act 1997 happens for taxpayers continuing to rely on TR 94/24 (withdrawn in April 2000) when a subsidiary that owns or develops a retirement village exists the group.

    Expected completion
    To be advised

    Last modified: 14 May 2018QC 50316