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13 Jun 08 NTLG Losses and CGT Subcommittee meeting

The chair of the Taxation Institute's Losses and CGT Subcommittee, Jim McMillan FTIA (PWC, Adelaide) and Michael Dirkis FTIA attended the NTLG Losses and CGT Subcommittee meeting in Sydney on Wednesday 11 June 2008. A key issue on the agenda raised by the Taxation Institute was the meaning of “giving or gave” for the purposes of the CGT provisions in light of Draft Taxation Rulings TR 2007/D10 and TR 2008/D1. Other issues discussed included: company losses and the ‘reasonable grounds’ test in s166-275(c), active asset test and the rent exclusion, the meaning of “connected with” in the Small Business CGT Concessions, and a series of technical errors.

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