Draft Taxation Determination
TD 2000/D14W - Withdrawal
Income tax: capital gains: in working out the 'net value' of a company or trust for the purposes of subsection 104-230(2) of the Income Tax Assessment Act 1997, does the word 'assets' in the definition of 'net value', for an entity, in subsection 995-1(1) include:
(a) assets, capital gains and capital losses from which are disregarded for capital gains purposes;
(b) trading stock; and
(c) 'off-balance sheet' assets,
and does the word 'liabilities' include contingent liabilities?
Please note that the PDF version is the authorised version of this ruling.
FOI status:may be released
Notice of Withdrawal
TD 2000/D14 deals with the meaning of the words assets and liabilities in the definition of section 995-1(1) of the Income Tax Assessment Act 1997. This issue is now dealt with by draft Taxation Ruling TR 2004/D6 which issues today.
Commissioner of Taxation
23 June 2004