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17 Jan 08 Income tax consequences of company issuing shares for assets - TR 2008/D1

This draft Ruling was released on 16 January 2008 for public comment by 29 February 2008.

The draft Ruling deals with the tax consequences for companies of issuing shares for assets. In particular it is about:

- whether and in what circumstances there might be a loss or outgoing in acquiring the assets for the purposes of s 8-1 of ITAA 1997, and the amount of that loss or outgoing;
- when and in what circumstances assets which were trading stock of the vendor might be taken to have been bought by the company and for what price, by reason of s 70-95;
- when and in what circumstances the assets might have a cost for the purposes of Division 40, and the amount of that cost; and
- when and in what circumstances the assets might have a cost base for the purposes of the capital gains tax provisions of Parts 3-1 and 3-3, and the amount of that cost base.

The draft Ruling does not deal with the tax consequences for taxpayers of receiving shares for assets.

For a copy of TR 2008/D1, go here

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