Miscellaneous Capital Gains Tax (CGT) 2021

Navigating transactions involving pre-CGT assets

Source: Taxation In Australia Journal Article

Published Date: 1 Nov 2021


It is widely known (at least within the community of tax advisers) that capital gains arising from transactions involving pre-CGT assets are generally disregarded. However, there are two key provisions (Div 149 of the Income Tax Assessment Act 1997 (Cth) and CGT event K6) which, via their application, could result in a tax liability arising to the taxpayer. Given the complexity of these
provisions and the potential for transactions to escape the tax net, transactions involving pre-CGT assets remain a key focus area of the ATO. Taxpayers who are better prepared for transactions are far more likely to be able to proceed with confidence.

Author Profile
Elizabeth Mcnamara
Author Profile
Michael Dean

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Miscellaneous Capital Gains Tax (CGT) 2021

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