Taxation Determination

TD 93/238

Income tax: capital gains: will subsection 160M(7) of the Income Tax Assessment Act 1936 apply where there is an act, transaction or event in relation to an asset and no consideration is received or receivable by reason of that act, transaction or event?

  • Please note that the PDF version is the authorised version of this ruling.
    This document has changed over time. View its history.

FOI status:

may be releasedFOI number: 1216770

This Determination, to the extent that it is capable of being a 'public ruling' in terms of Part IVAAA of the Taxation Administration Act 1953 , is a public ruling for the purposes of that Part. Taxation Ruling TR 92/1 explains when a Determination is a public ruling and how it is binding on the Commissioner. Unless otherwise stated, this Determination applies to years commencing both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of a settlement of a dispute agreed to before the date of issue of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).

1. No. One of the pre-conditions for the application of subsection 160M(7) is that there be consideration received or receivable by reason of the act, transaction or event regarding an asset.

Subsection 160ZD(2) will not apply to deem market value consideration to have been received where subsection 160M(7) applies in respect of a "deemed disposal".

Commissioner of Taxation
16 December 1993

Previously issued as Draft TD 93/D264.


ATO references:

ISSN 1038 - 8982

Related Rulings/Determinations:

TD 93/238W
TD 93/239

Subject References:
deemed disposal
capital gains tax

Legislative References:
ITAA 160ZD(2)
ITAA 160M(7)

TD 93/238 history
  Date: Version: Change:
You are here 16 December 1993 Original ruling  
  7 July 2004 Withdrawn