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18 Dec 12 Addenda to TD 2006/78 - CGT and active asset test

On 17 December 2012, the ATO issued an addendum to TD 2006/78 (Income tax: capital gains: are there any circumstances in which the premises used in a business of providing accommodation for reward may satisfy the active asset test in section 152-35 of the ITAA 1997 notwithstanding the exclusion in paragraph 152-40(4)(e) of the ITAA 1997 for assets whose main use is to derive rent?) to reflect changes made by Taxation Laws Amendment (2006 Measures No 7) Act 2007.

For a copy of TD 2006/78A1, go here

On 18 December 2012, the ATO issued a further addendum to TD 2006/78 to reflect the following changes. Taxation Laws Amendment (Small Business) Act 2007 has replaced the term 'small business CGT affiliate' with 'affiliate', as well as changing its meaning in some respects and moving the definition from s 152-25 of the ITAA 1997 to s 328-130 of the ITAA 1997.

For a copy of TD 2006/78A2, go here


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