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Tax Tips - CGT choices

Published on 01 May 04 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

There is a number of 'choices' that a taxpayer can make under the CGT provisions. These choices are to be found, for example, in the provisions governing the main residence exemption and the provisions governing the CGT small business reliefs.

There are general rules, contained in s 103-25 ITAA 1997, as to how CGT choices are to be made and which govern the time within which they are to be made. However, the decision of the Administrative Appeals Tribunal (constituted by Associate Professor GA Barton) in Sherlinc Enterprises Pty Ltd v FC of T [2004] AATA 113 demonstrates that the general choice rule is not adequate in all circumstances.

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