We’ve published a draft update to TR 2004/18 – Income tax: capital gains: application of CGT event K6 (about pre-CGT shares and pre-CGT trust interests) in section 104-230 of the Income Tax Assessment Act 1997, that revises aspects of our view on how to calculate the capital gain under subsection 104-230(6) when CGT event K6 happens. The draft update is open for consultation until 14 February 2025.
The update:
- reflects the view that only one capital gain can arise under CGT event K6, and
- clarifies which property is considered in working out the amount of the capital gain.
When the draft update is finalised, it is proposed that the updated Ruling will apply both before and after its date of issue. However, for K6 events that happened before the date of issue of the final update, taxpayers may choose to rely on either the original or amended version of the Ruling.
Find out more and provide feedback at TR 2004/18DC.
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