Income tax: capital gains: where section 160ZZT of the Income Tax Assessment Act 1936 applies to deem that a capital gain has accrued in regard to the disposal of a share in a private company or an interest in a private trust estate, can subsection 160ZD(2) operate to deem that the consideration received in respect of the disposal is an amount equivalent to market value?
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FOI status:may be releasedFOI number: I 1216786
Notice of Withdrawal
TD 93/239 states that subsection 160ZD(2) of the Income Tax Assessment Act 1936 (ITAA 1936) can apply to substitute market value consideration for the purposes of calculating a capital gain under section 160ZZT of the ITAA 1936. This issue is now dealt with in draft Taxation Ruling TR 2004/D6 which issues today.
Commissioner of Taxation
23 June 2004
NO M6/M7 PROJ (CGTDET89)
capital gains tax