Taxation Determination

TD 98/14

Income tax: capital gains: what is the business exemption threshold for the 1998-99 income year under section 118-260 of the Income Tax Assessment Act 1997 ?

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FOI status:

may be releasedFOI number: I 1015694

Date of Effect

This Determination applies for the 1998-99 income year.

1. For the 1998-99 income year, the business exemption threshold is $2,248,000 .

2. The business exemption threshold is determined for the purposes of section 118-250 (about exempting part of a capital gain attributable to goodwill).

3. The business exemption threshold is required by subsection 118-260(2) to be indexed annually in accordance with Subdivision 960-M.

4. This Determination is published, as subsection 118-260(3) requires, before the 1998-99 financial year begins.

Commissioner of Taxation
26 June 1998

Not previously released in draft form

References

ATO references:
NO NAT 94/3384-8; 95/4024-5

ISSN 1038 - 8982

Related Rulings/Determinations:

TD 94/57
TD 95/24
TD 96/31
TD 97/13

Subject References:
business exemption threshold
capital gains
exemption
goodwill
indexation
threshold

Legislative References:
ITAA97 118-C
ITAA97 118-260
ITAA97 118-260(2)
ITAA97 118-260(3)
ITAA97 960-M
ITAA97 960-270
ITAA97 960-275
ITAA97 960-280

TD 98/14 history
  Date: Version: Change:
You are here 26 June 1998 Original ruling  
  24 November 2004 Withdrawn  

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