Taxation Determination

TD 2004/30W

Income tax: capital gains tax: do input tax credits reduce a CGT asset's cost base and reduced cost base, worked out under sections 110-25 and 110-55 of the Income Tax Assessment Act 1997, and other equivalent amounts used in working out a capital gain or loss from a CGT event that happens in respect of the asset on or before 19 February 2004?

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Notice of Withdrawal

Taxation Determination TD 2004/30 is withdrawn with effect from today.

1. TD 2004/30 explains that in working out a capital gain or loss from a CGT event that happens in respect of a CGT asset on or before 19 February 2004, the first, second and third elements of the asset's cost base are reduced by relevant input tax credits if the asset was acquired after 7:30pm on 13 May 1997.

2. TD 2004/30 is only relevant to CGT events that occur on or before 19 February 2004. For CGT events after 19 February 2004, section 103-30 of the Income Tax Assessment Act 1997 applies.

3. Therefore, TD 2004/30 is of no ongoing relevance and is withdrawn without replacement.

Commissioner of Taxation
20 December 2016

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

Previously released as TD 2004/D3.

References

ATO references:
NO 1-9N72KXS

Related Rulings/Determinations:

TR 92/1
TR 92/20
TR 97/16

Subject References:
capital gains tax
CGT cost base
CGT reduced cost base
goods and services tax
GST input tax credits & creditable acquisitions
input tax credits

Legislative References:
GST Act 1999 195-1
ITAA 1997 17-15
ITAA 1997 17-15(b)
ITAA 1997 Div 43
ITAA 1997 103-30
ITAA 1997 104-10
ITAA 1997 104-10(3)(a)
ITAA 1997 104-35
ITAA 1997 110-25
ITAA 1997 110-45(3)
ITAA 1997 110-45(3A)
ITAA 1997 110-50(3)
ITAA 1997 110-50(3A)
ITAA 1997 110-55
ITAA 1997 995-1(1)
TAA 1953 Pt IVAAA
Tax Laws Amendment (2004 Measures No. 1) Act 2004

Other References:
Explanatory Memorandum to the A New Tax System (Indirect Tax and Consequential Amendments) Bill 1999