Draft Taxation Determination

TD 1999/D70

Income tax: capital gains: can property or a right that does not have a 'market value' be a CGT asset?

  • Please note that the PDF version is the authorised version of this draft ruling.
    This document has been finalised by TD 2000/34.

FOI status:

Not previously released in draft form

Preamble

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. Yes. Property or a right can be a CGT asset even if it has no market value.

2. The existence of a CGT asset is not dependent on its having a market value. The definition of 'CGT asset' in subsection 108-5(1) of the Income Tax Assessment Act 1997 does not impose any such condition.

Your comments

3. 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: 10 September 1999
Contact officer details have been removed following publication of the final ruling.

Commissioner of Taxation
11 August 1999

References

ATO references:
NO 99/10671-9
BO CGT asset summit 1999

ISSN 1038 - 8982

Related Rulings/Determinations:

IT 2540

Subject References:
CGT asset
market value
property
rights

Legislative References:
ITAA 1997 108-5(1)

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