CGT Determination Number 57
Capital Gains: How are compensation payments for the loss or destruction of an uninsured asset treated?
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FOI status:may be releasedFOI number: I 1019527
2. Where an uninsured asset, or part of an uninsured asset is lost or destroyed, any payment received as compensation by a taxpayer, is taken to be an amount of money received "as a result of or in respect of" the disposal of that asset or part of that asset (section 160ZD). If an uninsured asset was acquired before 20 September 1985, no part of the compensation payment received in relation to that asset would be subject to CGT.
Commissioner of Taxation
21 May 1992
NO CGT Cell
Lost or destroyed assets;
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