Taxation Determination

TD 2002/3W

Income tax: capital gains: can a shareholder in HIH Insurance Limited choose to make a capital loss on a share in that company under CGT event G3 (about a liquidator declaring shares worthless) in section 104-145 of the Income Tax Assessment Act 1997 ?

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Notice of Withdrawal

Taxation Determination TD 2002/3 is withdrawn with effect from today.

1. TD 2002/3 explains that because the liquidator of HIH Insurance Limited (HIH) has made the necessary declaration, a shareholder in HIH who acquired a share on or after 20 September 1985 can choose to make a capital loss equal to the reduced cost base of the share under CGT event G3 in section 104-145 of the Income Tax Assessment Act 1997.

2. TD 2002/3 relates to capital losses made in the income year ended 30 June 2002 only.

3. TD 2002/3 has no ongoing application and is therefore withdrawn without replacement.

Commissioner of Taxation
20 December 2016


You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Previously released in draft form as TD 2001/D8.


ATO references:
NO 1-9N72KXS

ISSN: 2205-6201

Related Rulings/Determinations:

TR 92/1
TR 97/16
TR 92/20

Subject References:
capital loss
CGT event
CGT event G3
cost base
reduced cost base
worthless shares

Legislative References:
ITAA 1997 104-145
ITAA 1997 104-145(1)
ITAA 1997 104-145(2)
ITAA 1997 104-145(3)
ITAA 1997 104-145(4)
ITAA 1997 104-145(5)

TD 2002/3W history
  Date: Version: Change:
  23 January 2002 Original ruling  
  10 July 2002 Consolidated ruling Addendum
  11 January 2006 Consolidated ruling Addendum
You are here 20 December 2016 Withdrawn