Taxation Determination

TD 2006/63A2 Addendum

Income tax: capital gains: is a CGT asset that is leased by a taxpayer to a connected entity for use in the connected entity's business an active asset under section 152-40 of the Income Tax Assessment Act 1997?

• Please note that the PDF version is the authorised version of this ruling.
  View the consolidated version for this notice.

Addendum

This Addendum amends Taxation Determination TD 2006/63 to reflect changes in the law replacing the term 'small business CGT affiliate' with 'affiliate' and altering its meaning.

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

• Tax Laws Amendment (Small Business) Act 2007 has replaced the term 'small business CGT affiliate' with simply 'affiliate', as well as changing its meaning in some respects and moving the definition from section 152-25 of the Income Tax Assessment Act 1997 (ITAA 1997) to section 328-130 of the ITAA 1997.

TD 2006/63 is amended as follows:

1. 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.

2. Paragraph 6

(a)

In the first dot point omit 'a small business CGT affiliate'; substitute 'an affiliate'.

(b)

In the second dot point omit 'small business CGT affiliate'; substitute 'affiliate'.

Commissioner of Taxation
31 October 2008

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

TR 2006/63