CGT Determination Number 57
Capital Gains: How are compensation payments for the loss or destruction of an uninsured asset treated?
Please note that the PDF version is the authorised version of this ruling.This ruling contains references to repealed provisions, some of which may have been rewritten. The ruling still has effect. Paragraph 32 in TR 2006/10 provides further guidance on the status and binding effect of public rulings where the law has been repealed or repealed and rewritten. The legislative references at the end of the ruling indicate the repealed provisions and, where applicable, the rewritten provisions.This document has changed over time. View its history.
FOI status:may be releasedFOI number: I 1019527
1. The entire loss or destruction of an asset, or loss or destruction of part of an asset, constitutes a disposal of that asset, or part of that asset (section 160N).
2. Where an uninsured asset, or part of an uninsured asset is lost or destroyed, any payment received as compensation by a taxpayer, is taken to be an amount of money received "as a result of or in respect of" the disposal of that asset or part of that asset (section 160ZD). If an uninsured asset was acquired before 20 September 1985, no part of the compensation payment received in relation to that asset would be subject to CGT.
Commissioner of Taxation
21 May 1992
NO CGT Cell
Lost or destroyed assets;
|21 May 1992||Original ruling|
|You are here||29 November 2006||Original ruling + note||Repeal provision note|