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Taxation Determination

TD 1999/30

Income tax: capital gains: what is the business exemption threshold for the 1999-2000 income year under section 118-260 of the Income Tax Assessment Act 1997?

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FOI status:

may be releasedFOI number: I 1019813

Preamble
The number, subject heading, date of effect and paragraphs 1 to 4 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. Taxation Rulings TR 92/1 and TR 97/16 together explain when a Determination is a public ruling and how it is binding on the Commissioner.
Date of Effect
This Determination applies for the 1999-2000 income year.

1. For the 1999-2000 income year, the business exemption threshold is $2,275,000.

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 1999-2000 financial year begins.

Commissioner of Taxation
9 June 1999

Not previously released in draft form

References

ATO references:
NO NAT 94/3384-8; NAT 95/4025-5

ISSN 1038 - 8982

Related Rulings/Determinations:

TD 94/57
TD 95/24
TD 96/31
TD 97/13
TD 98/14

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

TD 1999/30 history
  Date: Version: Change:
You are here 9 June 1999 Original ruling  
  24 November 2004 Withdrawn  

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