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Edited version of your written advice
Authorisation Number: 1051204270774
Date of advice: 17 March 2017
Ruling
Subject: Capital gains tax and the capital gains tax discount
Question 1
Will the gain made by the Trustee of Trust on the disposal of its shares in AusCo not be considered revenue in nature and therefore be assessable under Division 104 of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
Yes.
Question 2
Is the capital gains discount available to Trust in respect of that gain, pursuant to Division 115 of the ITAA 1997?
Answer
Yes.
This ruling applies for the following periods:
Year ending 30 June 201X
The scheme commences on:
1 June 201X
Relevant legislative provisions
Income Tax Assessment Act 1997 (ITAA 1997) section 6-5
ITAA 1997 section 6-10
ITAA 1997 Part 3-1
ITAA 1997 Part 3-3
ITAA 1997 section 102-5
ITAA 1997 section 104-10
ITAA 1997 section 115-5
ITAA 1997 section 115-10
ITAA 1997 section 115-15
ITAA 1997 section 115-20
ITAA 1997 section 115-25
ITAA 1997 section 115-40
ITAA 1997 section 115-45