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17 Jan 08 Application of Part IVA to "wash sale" arrangements - TR 2008/1

This final Ruling was issued on 16 January 2008. It had previously been released in draft form as TR 2007/D7: see 2007 TAXVINE No 27 (11) (13 July 2007). Its full title is "Income tax: application of Part IVA of the ITAA 1936 to 'wash sale' arrangements".

The Ruling is concerned with arrangements under which a taxpayer disposes of, or otherwise deals with, a capital gains tax (CGT) asset (the asset) where in substance there is no significant change in the taxpayer's economic exposure to, or interest in, the asset, or where that exposure or interest may be reinstated by the taxpayer (a wash sale), in order to apply a resulting capital loss or allowable deduction against a capital gain or assessable income already derived or expected to be derived.

For a copy of TR 2008/1, go here

For a copy of the ATO response to the joint submission lodged by the professional bodies in relation to TR 2007/D7, go here

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