Taxation Determination

TD 93/44W

Income tax: capital gains: what is the amount of the consideration in respect of the disposal of an asset by a taxpayer where consideration is actually received but an amount is later paid out by way of damages?

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FOI status:

may be released

Notice of Withdrawal

1. Taxation Determination TD 93/44 is withdrawn with effect from today (and not replaced).

2. The Income Tax Assessment Act 1997 now allows capital proceeds to be reduced by any amount repaid, to the extent that a deduction is not allowable for the repayment (section 116-50).

3. TD 93/44 continues to apply to disposals of assets under the Income Tax Assessment Act 1936 occurring before the beginning of the 1998-99 income year.

Commissioner of Taxation
28 October 1998

References

ATO references:
NO NAT 98/3350-1

Related Rulings/Determinations:

TD 93/44A