Income tax: capital gains: when is the grant of the deemed option in paragraph 160ZZC(12)(a) taken to have occurred?
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FOI status:may be releasedFOI number: I 1212838
Notice of Withdrawal
CGT event H1 in section 104-150 of the Income Tax Assessment Act 1997 considers the CGT consequences when the deposit relating to a prospective purchase or other transaction is forfeited. It clearly states that the time of the event is when the deposit is forfeited. As the the law is expressed clearly it is considered that no further explanation is needed.
Commissioner of Taxation
9 June 1999
NO ADVG CHERM
Forfeiture of deposits
prospective purchase or other transactions
grant of deemed option