Guide to capital gains tax 2006

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More information

Internet

For up-to-date and comprehensive information about deductions and to download publications, rulings and general tax information, visit www.ato.gov.au

Publications

Publications relevant to this guide, including recent Rulings and Determinations, include:

• allowances schedule instructions 2006 (NAT 4089-6.2006)
  
  
• gains tax (CGT) schedule 2006 (NAT 3423-6.2006)
  
  
• tax return 2006 (NAT 0656-6.2006)
  
  
• Consolidation reference manual
  
  
• share schemes - answers to frequently asked questions by employees
  
  
• income tax and regulatory return 2006 (NAT 0658-6.2006)
  
  
• value shifting regime: who it affects (NAT 8980)
  
  
• to capital gains tax concessions for small business (NAT 8384)
  
  
• to depreciating assets 2006 (NAT 1996-6.2006)
  
  
• to the general value shifting regime
  
  
• investors guide to capital gains tax 2006 (NAT 4152-6.2006)
  
  
• properties 2006 (NAT 1729-6.2006)
  
  
• return for individuals (supplementary section) 2006 (NAT 2679-6.2006)
  
  
• return for retirees 2006 (NAT 2597-6.2006)
  
  
• tax return 2006 (NAT 0660-6.2006)
  
  
• capital concessions (capital gains tax) - overview
  
  
• Statement PS LA 2006/1 (GA) - Calculating the cost base and reduced cost base of a CGT asset if a taxpayer does not have sufficient information to determine the amount of construction expenditure on the asset for the purpose of working out their entitlement to a deduction under Division 43 of the Income Tax Assessment Act 1997 .
  
  
• Statement PS LA 2005/1 (GA) - Taxation of a net capital gain included in the net income of a resident trust estate for an income year . (It replaces PS LA 2004/3 which was withdrawn on 1 September 2005).
  
  
• Determination TD 2004/3: Income tax: capital gains tax: does an asset 'pass' to a beneficiary of a deceased estate under section 128-20 of the Income Tax Assessment Act 1997 if the beneficiary becomes absolutely entitled to the asset as against the trustee of the estate?
  
  
• Determination TD 2005/33 - Does expenditure - which is a non-capital cost of ownership of a CGT asset - form part of the cost base of the asset, if it is a tax benefit in connection with a scheme to which the general anti-avoidance rules in Part IVA of the Income Tax Assessment Act 1936 apply?
  
  
• Determination TD 2005/47: Income tax: what do the words 'can deduct' mean in the context of those provisions in Division 110 of the Income Tax Assessment Act 1997 which reduce the cost base or reduced cost base of a CGT asset by amounts you 'have deducted or can deduct', and is there a fixed point in time when this must be determined?
  
  
• Taxation Ruling TR 2005/D15: Income tax: capital gains: meaning of the words 'the beneficiaries and terms of both trusts are the same' in paragraphs 104-55(5)(b) and 104-60(5)(b) of the Income Tax Assessment Act 1997
  
  
• Taxation Ruling TR 2004/D25 - Income tax: capital gains: meaning of the words 'absolutely entitled to a CGT asset as against the trustee of a trust' as used in Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997
  
  
• Ruling TR 92/3 - Whether profits on isolated transactions are income
  
  
• Ruling TR 2002/10 - Capital gains tax: assets register .
  
  
• Ruling TR 2005/6: Income tax: lease surrender receipts and payments
  
  
• Ruling TR 2005/9: Income tax: record keeping - electronic records
  
  
• Ruling TR 2005/15: Income tax and capital gains tax: tax consequences of financial contracts for differences
  
  
• Ruling TR 2005/23: Income tax: Listed investment companies
  
  
• Ruling TR 2005/D14: Income tax: capital gains tax: consequences of creating, and dealing in, life and remainder interests in property
  
  
• sheets for shareholders listed in appendix 4 .

Infolines

We can offer a more personalised service if you provide a tax file number.

• Personal tax 13 28 61
  
  Individual income tax and general personal tax enquiries, including capital gains tax
  
  
• Business 13 28 66
  
  business tax enquiries including capital gains tax
  
  
• Superannuation 13 10 20
  
  
• Fax 13 28 60
  
  Get information faxed to you about individual taxes - phone 13 28 60 and follow the instructions.

Other services

• Translating and Interpreting Service 13 14 50
  
  If you do not speak English well and want to talk to a tax officer, phone the Translating and Interpreting Service for help with your call.
  
  
• National Relay Service 13 36 77
  
  If you have a hearing or speech impairment and use a TTY or modem, phone the National Relay Service. For 1800 free call numbers phone 1800 555   677 and quote the number you require.
  
  
• Speech to Speech Relay Service 1300 555 727
  
  If you have a speech impairment and do not use a TTY or modem, phone the Speech to Speech Relay Service. For 1800 free call numbers phone 1800 555 727 and quote the number you require.

Date Issued: Monday, 28 August 2006

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Copyright

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ATO references:
NO NAT 4151