Taxation Ruling
IT 121W - Withdrawal
Income tax: section 26AAA - property transactions arising from liquidation
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Please note that the PDF version is the authorised version of this withdrawal notice.
FOI status:
may be releasedNOTICE OF WITHDRAWAL
Taxation Ruling IT 121 is withdrawn with effect from today.
1. Taxation Ruling IT 121 is about former section 26AAA of the Income Tax Assessment Act 1936. Section 26AAA included in assessable income any profit from selling property that was bought within the previous 12 months. The section applied to property that was sold before 26 May 1988. The section was repealed in 1994.
2. IT 121 was the subject of a Notice of Archival on 8 May 1996.
3. IT 121 is now being withdrawn in accordance with paragraph 5 of Addendum No. 3 to Taxation Ruling IT 1 Taxation Ruling System: explanation and status, which states:
We will withdraw progressively all Rulings in the IT series for which we have issued Notices of Archival.
Commissioner of Taxation
24 May 2006
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