Taxation Determination

TD 2006/71A2 - Addendum

Income tax: capital gains: small business concessions: is the part of a payment which is a small business 50% reduction amount a non-assessable part under CGT event E4 in section 104-70 of the Income Tax Assessment Act 1997?

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Addendum

This Addendum amends Taxation Determination TD 2006/71 in minor respects to reflect amendments to the law to increase the maximum net asset value test threshold from $5 million to $6 million.

For CGT events happening in the 2007-08 income year or later income years:

•

Tax Laws Amendment (Small Business) Act 2007 increased the maximum net asset value test threshold in section 152-15 of the Income Tax Assessment Act 1997 from $5 million to $6 million.

TD 2006/71 is amended as follows:

1. Paragraph 2

Omit '$5 million'; substitute '$6 million'.

2. Paragraph 4A

Omit the paragraph; substitute:

4A. The amendments applied to this consolidated Determination apply to CGT events happening in the 2007-08 income year or later income years.

Commissioner of Taxation
31 October 2008

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TD 2006/71