Taxation Determination

TD 92/130W

Income tax: capital gains: does subsection 160ZB(1) exclude from the operation of Part IIIA compensation or damages obtained by a taxpayer for defamation, the loss of support following the (wrongful) death of the taxpayer's spouse or parent or the professional negligence of a solicitor failing to institute a personal injuries action?

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FOI status:

Notice of Withdrawal

Taxation Determination 92/130 is withdrawn with effect from today.

Subsection 118-37(1) of the Income Tax Assessment Act 1997 extends the exemption to amounts that have been received by the spouse or relative of an injured person.

Commissioner of Taxation
9 June 1999

References

ATO references:
NO 92/3953-7

Related Rulings/Determinations:

TD 30
TD 31
TD 57

Subject References:
capital gains
compensation or damages for personal wrong or injury

Legislative References:
ITAA 160ZB(1)