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20 Dec 12 Small business CGT concessions - addenda and withdrawals

On 19 December 2012, the ATO issued the following 4 addenda:

  • TD 2006/63A3 - Income tax: capital gains: is a CGT asset that is leased by a taxpayer to a connected entity for use in the connected entity's business an active asset under section 152-40 of the ITAA 1997?
  • TD 2006/68A1 - Income tax: capital gains: small business concessions: can trustees or members of a complying superannuation fund 'control' the superannuation fund in the way described in section 152-30 of the ITAA 1997?
  • TD 2006/77A1 - Income tax: capital gains: are all classes of shares (other than redeemable shares) issued by a company taken into account in determining if the company has a controlling individual under subsection 152-55(1) of the ITAA 1997?
  • TD 2006/78A3 - 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?

On 19 December 2012, the ATO withdrew the following 5 Taxation Determinations:

  • TD 2005/13W - Income tax: capital gains: if there is a change in the majority underlying interests in an asset owned by an entity, does the entity's ownership of the asset start from the change in majority underlying interests for the purpose of applying the tests in paragraphs 152-110(1)(b) and (c) of the ITAA 1997?
  • TD 2006/64W - Income tax: capital gains: can the clause 'the relevant business ceased to be carried on' in subparagraph 152-35(a)(ii) of the ITAA 1997 be satisfied in the case of a taxpayer who sold the business to another?
  • TD 2006/66W - Income tax: capital gains: small business concessions: is the rollover of an eligible termination payment from a discretionary trust to a superannuation fund, in relation to an employee who is also a beneficiary of the trust, a 'distribution of income or capital' under subsection 152-55(3) of the ITAA 1997 for the purposes of the controlling individual test?
  • TD 2006/67W - Income tax: capital gains: small business concessions: does a person who has the power to remove the trustee of a discretionary trust and appoint a new trustee control the trust for the purposes of subparagraph 152-30(2)(c)(ii) of the ITAA 1997?
  • TD 2006/79W - Income tax: capital gains: small business concessions: is an entity that has a 'controller' under section 152-30 of the ITAA 1997 necessarily a small business CGT affiliate under paragraph 152-25(1)(b) of the ITAA 1997 of that 'controller'?

 


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