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Edited version of your written advice
Authorisation Number: 1051384310320
Date of advice: 11 June 2018
Ruling
Subject: CGT – surrender of asset
Question
Is the payment you received used in calculating your capital loss, upon surrendering your asset?
Answer
Yes.
Given consideration to your circumstances and the relevant factors, the Commissioner considers the payment you have received is capital in nature and should be included in calculating your capital loss
This ruling applies for the following period:
Year ending 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
You own a CGT asset.
You received a payment in respect of surrendering the asset.
You have ceased all activities related to the use of the asset.
You will realise a capital loss on this surrendering (after incorporating this payment into the asset’s cost base).
Relevant legislative provisions
Income Tax Assessment Act 1997 section 6-10
Income Tax Assessment Act 1997 section 104-25