Taxation Determination

TD 94/78W

Income tax: capital gains: is rollover relief available if a taxpayer receives cash and an asset as compensation for the compulsory acquisition of an asset?

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FOI status:

Notice of Withdrawal

Taxation Determination TD 94/78 is withdrawn with effect from today.

1. Former sections 160ZZK and 160ZZL of the Income Tax Assessment Act 1936 (ITAA 1936) set out when a taxpayer, who received money or a replacement asset as a result of the involuntary disposal of an asset, could choose rollover. Taxation Determination TD 94/78 clarified that a taxpayer could choose rollover if they received both money and a replacement asset for the involuntary disposal of an asset.

2. Sections 160ZZK and 160ZZL of the ITAA 1936 were rewritten as Subdivision 124-B of the Income Tax Assessment Act 1997 (ITAA 1997). Section 124-95 of the ITAA 1997 contains rules that now apply where a taxpayer receives a combination of cash and a replacement asset for the involuntary disposal.

3. As the rewritten provisions express the law clearly, the Determination is no longer necessary and is therefore withdrawn.

Commissioner of Taxation
7 July 2004

Previously issued as Draft TD 93/D101.

References

ATO references:
NO CNN J 36/355/3 Vol. 1 (CGTDET 73)

Related Rulings/Determinations:

TD 94/76
TD 94/77

Subject References:
compulsory acquisition
replacement asset
rollover

Legislative References:
ITAA 160ZZK
ITAA 160ZZL