Draft Taxation Determination
TD 1999/D53
Income tax: capital gains: is an entity (other than a Commonwealth, State or Territory authority) which is given authority to acquire a CGT asset under a Commonwealth, State or Territory Act an 'Australian government agency' for the purposes of Subdivision 124-B of the Income Tax Assessment Act 1997?
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Please note that the PDF version is the authorised version of this draft ruling.This document has been finalised by TD 2000/36.
FOI status:
draft only - for commentPreamble
Draft Taxation Determinations (DTDs) present the preliminary, though considered, views of the Australian Taxation Office. DTDs should not be relied on; only final Taxation Determinations represent authoritative statements by the Australian Taxation Office. |
1. No. For Subdivision 124-B of the Income Tax Assessment Act 1997 to apply, the entity acquiring a CGT asset - not being the Commonwealth, a State or a Territory - must be an authority of the Commonwealth or of a State or of a Territory and not merely an entity which is given authority under a Commonwealth, State or Territory Act to acquire the asset. Nor does the Subdivision apply if the entity acquiring the asset is merely authorised to do so by a Commonwealth, State or Territory authority.
2. The expression 'Australian government agency' is defined in subsection 995-1(1) to mean the Commonwealth, a State or a Territory or an authority of the Commonwealth, a State or a Territory.
Your comments
We invite you to comment on this Draft Taxation Determination. We are allowing 4 weeks for comments before we finalise the Determination. If you want your comments considered, please provide them to us within this period.
Comments by Date: | 1 September 1999 |
Contact officer details have been removed following publication of the final ruling. |
Commissioner of Taxation
4 August 1999
References
ATO references:
NO 99/10859-2
BO CGT Involuntary Disposal summit 1999
Subject References:
Asset
Australian government agency
authority
capital gain
CGT asset
compulsory acquisition
Commonwealth
Commonwealth authority
entity
State
State authority
Territory
Territory authority
Legislative References:
ITAA 1997 995-1(1)
ITAA 1997 Subdivision 124-B
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