Taxation Determination

TD 98/14W

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 ?

• Please note that the PDF version is the authorised version of this withdrawal notice.
  This document incorporates revisions made since original publication. View its history and amending notices, if applicable.

FOI status:

Notice of Withdrawal

Taxation Determination TD 98/14 is withdrawn with effect from today.

1. Taxation Determination TD 98/14 notified taxpayers of the business exemption threshold for the 1998-99 income year, as required by subsection 118-260(3) of the Income Tax Assessment Act 1997.

2. The business exemption threshold was relevant for the purposes of the goodwill exemption in section 118-250, which disregarded half of the capital gain attributable to the goodwill of a business.

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

Not previously released in draft form

References

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

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