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21 Nov 08 NTLG Losses and CGT Subcommittee

The chair of the Taxation Institute's Losses and CGT Subcommittee, Mark Molesworth (BDO Kendalls) and Michael Dirkis attended the NTLG Losses and CGT Subcommittee meeting in Melbourne on Wednesday 19 November 2008. Issues discussed included:

  • the continued application of PS LA 2005/1 (GA);
  • whether a J5 capital gain distributed to a beneficiary is not required to be ‘grossed-up’ under s115-215(3) despite the fact the 50% general discount and/or the 50% active asset reduction were applied to the capital gain arising in the earlier year; and
  • replacement asset rollover under subdivision 152-E and trading stock;
The ATO also provided updates on compliance activities in respect of losses and CGT.

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