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26 Apr 12 3 Consolidation CGT addenda issued

On 24 April 2012, the ATO issued the following 3 addenda:

  • TD 2008/29A1 - Addendum Income tax: consolidation: capital gains: do the core consolidation rules in Division 701 of the Income Tax Assessment Act 1997 modify the effect of the CGT contract rules if an entity contracts to buy or sell a CGT asset and the contract settles after the entity becomes, or ceases to be, a member of a consolidated group?
  • TD 2008/30A1 - Addendum Income tax: consolidation: capital gains: for the purposes of Part 3-90 of the Income Tax Assessment Act 1997, is the CGT asset that an entity has contracted to buy from another taxpayer an asset of the entity at a time it joins or leaves a consolidated group, if the contract is not completed at that time?
  • TD 2008/31A1 - Addendum Income tax: consolidation: capital gains: for the purposes of Part 3-90 of the Income Tax Assessment Act 1997, is the CGT asset that an entity has contracted to sell to another taxpayer an asset of the entity at a time it joins or leaves a consolidated group, if the contract is not completed at that time?

The addenda have been issued to reflect changes introduced by Schedule 5 to the Tax Laws Amendment (2010 Measures No 1) Act 2010.

The addenda apply to CGT events that happen on or after 8 May 2007, the date of application of the amendments to the Income Tax Assessment Act 1997 by Part 17 of Schedule 5 to the Tax Laws Amendment (2010 Measures No 1) Act 2010.

 


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