Draft Taxation Determination

TD 1999/D86

Income tax: capital gains: if the requirements of section 126-5 or 126-15 of the Income Tax Assessment Act 1997 are satisfied, is the marriage breakdown roll-over provided by the section automatic?

Please note that the PDF version is the authorised version of this draft ruling.

This document has been finalised by TD 1999/60.

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. Both sections 126-5 and 126-15 of the Income Tax Assessment Act 1997 apply automatically once their requirements are satisfied. The provisions are clearly expressed in this respect and contain no scope for any election to be made. Parties to a marriage breakdown cannot agree not to apply the provisions if the requirements have been satisfied.

Your comments

2. 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:	15 September 1999
Contact officer details have been removed following publication of the final ruling.

Commissioner of Taxation
18 August 1999

References

ATO references:
NO 99/19509-6
BO CGT marriage breakdown summit 1999

ISSN 1038 - 8982

Subject References:
election
marriage breakdown
spouse
roll-over

Legislative References:
ITAA 1997 126-5
ITAA 1997 126-15

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