Taxation Determination

TD 2003/13

Income tax: capital gains: what is the improvement threshold for the 2003-2004 income year under section 108-85 of the Income Tax Assessment Act 1997?

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FOI status:

may be released

Preamble
The number, subject heading, date of effect and paragraph 1 of this Taxation Determination are a 'public ruling' for the purposes of Part IVAAA of the Taxation Administration Act 1953 and are legally binding on the Commissioner. The remainder of the Determination is administratively binding on the Commissioner. Taxation Rulings TR 92/1 and TR 97/16 together explain how a Determination is legally or administratively binding.

1. For the 2003-2004 income year, the improvement threshold is $104,377.

2. The improvement threshold is determined for the purposes of section 108-70 (about when a capital improvement to a pre-CGT asset is a separate asset) and section 108-75 (about capital improvements to CGT assets for which a roll-over may be available).

3. The improvement threshold is required by subsection 108-85(2) to be indexed annually in accordance with Subdivision 960-M.

4. This Determination is published, as subsection 108-85(3) requires, before the 2003-2004 financial year begins.

Date of effect

5. This Determination applies for the 2003-2004 income year.

Commissioner of Taxation
21 May 2003

Not previously issued in draft form

References

ATO references:
NO 2003/005389

ISSN: 1038-8982

Related Rulings/Determinations:

TR 92/1
TR 97/16
TD 94/56
TD 95/23
TD 96/30
TD 97/12
TD 98/13
TD 1999/29
TD 2000/25
TD 2001/12
TD 2002/12

Subject References:
asset improvement
capital gains
improvement
improvement threshold
indexation
threshold

Legislative References:
ITAA 1997 108-70
ITAA 1997 108-75
ITAA 1997 108-85
ITAA 1997 108-85(2)
ITAA 1997 108-85(3)
ITAA 1997 960-M
TAA 1953 Part IVAAA

TD 2003/13 history
  Date: Version: Change:
You are here 21 May 2003 Original ruling  
  11 May 2016 Withdrawn