CGT Determination Number 43

TD 43

Capital Gains: Will an asset deemed by the CGT provisions to have been acquired by a transferee company before 20 September 1985 be included as part of the underlying property for the purposes of the tests in section 160ZZT?

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FOI status:

may be releasedFOI number: I 1019364

1. Underlying property for the purposes of section 160ZZT is, broadly speaking, property acquired by a private company or private trust estate, post-CGT (sub-subparagraph 160ZZT(1)(c)(i)(A)).

2. Where CGT provisions, such as the roll-over provisions, deem an asset i.e. property to have been acquired by a transferee company before 20 September 1985, that asset will not be taken to have been acquired on or after 20 September 1985 for the purposes of the tests in section 160ZZT.

Commissioner of Taxation
5 March 1992

References

ATO references:
NO TLG 251187

Subject References:
Underlying property

Legislative References:
160ZZT;
160ZZT(1)(c)(i)(A)