22 Oct 099 Addendum to TD 2009/18 (Taxable Australian real property and leasehold interests)
On 21 October 2009, the ATO issued an Addendum to Taxation Determination TD 2009/18 (Income tax: does the term 'real property' in s 855-20(a) of ITAA 1997 include a leasehold interest in land?)
The Addendum amends the date of effect of TD 2009/18 to reflect an amendment to s 855-20(a) of ITAA 1997 made by the Tax Laws Amendment (2009 Measures No 4) Act 2009. The amendment puts beyond doubt that a lease of land, if the land is situated in Australia, is "real property situated in Australia" for the purposes of s 855-20(a) of ITAA 1997. The amendment applies in relation to CGT events happening on or after 20 May 2009. The amendment is to be disregarded for the purposes of interpreting Subdivision 855-A of the ITAA 1997 as in force before the commencement of the amendment. The effect of this is that no inference can be drawn from the amendment that the law operated differently before the amendment.
For a copy of TD 2009/18A1, go here