Taxation Determination

TD 98/14

Income tax: capital gains: what is the business exemption threshold for the 1998-99 income year under section 118-260 of the Income Tax Assessment Act 1997 ?

• Please note that the PDF version is the authorised version of this ruling.
  This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

Date of Effect

This Determination applies for the 1998-99 income year.

1. For the 1998-99 income year, the business exemption threshold is $2,248,000 .

2. The business exemption threshold is determined for the purposes of section 118-250 (about exempting part of a capital gain attributable to goodwill).

3. The business exemption threshold is required by subsection 118-260(2) to be indexed annually in accordance with Subdivision 960-M.

4. This Determination is published, as subsection 118-260(3) requires, before the 1998-99 financial year begins.

Commissioner of Taxation
26 June 1998

Not previously released in draft form

References

ATO references:
NO NAT 94/3384-8; 95/4024-5

Related Rulings/Determinations:

TD 94/57
TD 95/24
TD 96/31
TD 97/13

Subject References:
business exemption threshold
capital gains
exemption
goodwill
indexation
threshold

Legislative References:
ITAA97 118-C
ITAA97 118-260
ITAA97 118-260(2)
ITAA97 118-260(3)
ITAA97 960-M
ITAA97 960-270
ITAA97 960-275
ITAA97 960-280