Taxation Determination

TD 97/22W

Income tax: self assessment: can a person obtain a private ruling in terms of Part IVAA of the Taxation Administration Act 1953 (TAA) on whether a contract entered into on or after 1 July 1992 gives rise to a disposal of an asset in terms of section 160M of the Income Tax Assessment Act 1936 (ITAA)?

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FOI status:

Notice of Withdrawal

Taxation Determination TD 97/22 is withdrawn with effect from today.

1. Taxation Determination TD 97/22 explained that a person can obtain a private ruling under Part IVAA of the Taxation Administration Act 1953 (TAA) on whether a contract entered into on or after 1 July 1992 gives rise to a disposal of an asset in terms of section 160M of the Income Tax Assessment Act 1936 (ITAA 1936).

2. Section 160M of the ITAA 1936 is not operative after 21 June 1998 and for the 1998-1999 and later income years.

3. Part IVAA of the TAA has been repealed. Division 359 of Schedule 1 to the TAA applies to applications for private rulings made on or after 1 January 2006.

4. Accordingly, this Taxation Determination is no longer current.

Commissioner of Taxation
31 January 2007

Previously released as Draft TD 96/D16

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TD 96/6

Subject References:
acquisition
action
agreement
arrangement
capital gains
capital losses
course of action
disposal
private ruling
self assessment
transaction

Legislative References:
ITAA Pt IIIA
ITAA 160M
TAA Part IVAA
TAA 14ZAAA
TAA 14ZAC
TAA 14ZAF
TAA 14ZAG
TAA 14ZAI
TLA(SA)A1992 13