Capital Gains Tax Determination

TD 22

Capital Gains: How are section 80G or section 160ZP loss transfers treated for CGT purposes?

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FOI status:

may be releasedFOI number: I 1019128

1. An income or net capital loss, or the ability to utilise that loss in the calculation of assessable income, is not considered to be an asset for CGT purposes.

2. Furthermore, a transfer of such a loss would not attract the provisions of subsections 160M(6) or (7).

3. Accordingly, whether or not any payment is made in respect of such losses, there would be no capital gains tax consequences where these losses are transferred in accordance with section 80G or section 160ZP.

Commissioner of Taxation
31 October 1991

References

ATO references:
NO NO 90/6555-5

Related Rulings/Determinations:

IT2465

Subject References:
Losses
Transfers

Legislative References:
ITAA 80G
ITAA 160ZP
ITAA 160M(6)
ITAA 160M(7)