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Income tax: Are deductions under Div 10D of the ITAA 36 by S.82(2) in calculating assessable profit or deductible loss from the sale of property?

Published on 01 Jul 98 by THE TAX INSTITUTE

Submission by the Taxation Institute of Australia, the Institute of Chartered Accountants in Australia, the Australian Society of CPAs and the Australian Taxpayers' Association in relation to draft taxation ruling TD 98/D5: Income Tax: are deductions under Division 10D of the Income Tax Assessment Act 1936 (ITAA) excluded by S.82(2) in calculating any assessable profit or deductible loss from the sale of any property? This draft determination asserts that deductions under Division 10D of the Income Tax Assessment Act 1936 (ITAA1936) are to be excluded by subsection 82(2) in calculating any assessable profit or deductible loss from the sale of property. Put another way, the draft determination argues that a deduction allowed under Division 10D is a deduction for expenditure incurred in connection with the property.

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TAX POLICY & RESEARCH DIVISION

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