Taxation Determination

TD 93/124W

Income tax: what is the threshold for the goodwill exemption for the income year 1993-94 and what is its associated indexation factor?

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FOI status:

Notice of Withdrawal

Taxation Determination TD 93/124 is withdrawn with effect from today.

1. Taxation Determination TD 93/124 notified taxpayers of the goodwill exemption threshold for the 1993-94 income year, and its associated indexation factor, as required by subsection 160ZZRAA(7) of the Income Tax Assessment Act 1936.

2. The calculation of the exemption threshold and indexation factor under section 160ZZRAA was relevant for the purposes of section 160ZZR, which reduced the capital gain attributable to the disposal of the goodwill of a business by half. Section 160ZZRAA was subsequently rewritten, together with the other goodwill exemption provisions, in Subdivision 118-C of the Income Tax Assessment Act 1997 (the indexation factor was rewritten in Subdivision 960-M of the Income Tax Assessment Act 1997).

3. The goodwill exemption ceased to apply in relation to CGT events that happened after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.

4. For these reasons, this Taxation Determination is no longer necessary.

Commissioner of Taxation
24 November 2004

References

ATO references:
NO NO 92/4587-1

Related Rulings/Determinations:

TD 1993/124W

Subject References:
indexation

Legislative References:
ITAA 160ZZRA
ITAA 160ZZR