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On 2 July 2008, the ATO released a discussion paper entitled "Treatment of assets identified in relation to straddle contracts". This paper considers how the tax cost setting rules apply when an entity contracts to sell or buy a CGT asset and that contract is not completed at the time the entity joins or leaves a consolidated group (straddle contract). The tax consequences that arise on completion of the contract are also considered.

The paper should be read together with the views expressed in:

  • Draft Taxation Determinations TD2008/D9, TD 2008/D10 and TD 2008/D11; and
  • Treatment of special classes of assets, section C2-1-070 of the Consolidation Reference Manual.
Taxation Determinations TD2008/D9, TD 2008/D10 and TD 2008/D11 were released on 25 June 2008: see 2008 TAXVINE No 25 (34) (27 June 2008).

The closing date for comments on the Discussion Paper is 13 August 2008.

For a copy of the Discussion Paper, go here

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