Taxation Determination

TD 2011/26ER - Erratum

Income tax: capital gains tax: if a share in a 'no goodwill' incorporated professional practice is disposed of for no consideration, will the Commissioner accept, for the purposes of calculating the market value of the share upon a possible application of subsection 116-30(1) of the Income Tax Assessment Act 1997 that the goodwill of the company can be taken to have no value?

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FOI status:

Erratum

This Erratum corrects the reference to the replacement web guidance mentioned in the Withdrawal notice.

TD 2011/26W is corrected as follows:

1. Paragraph 2

Omit 'Assessing the risk: acquisitions and disposals of interests in certain professional partnerships, trusts and incorporated practices'; substitute 'Administrative treatment: acquisitions and disposals of interests in 'no goodwill' professional partnerships, trusts and incorporated practices'.

This Erratum applies on and from 4 May 2016.

Commissioner of Taxation
9 May 2016

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

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References

ATO references:
NO 1-80TSE13

Related Rulings/Determinations:

IT 2540
TR 2006/10

Legislative References:
ITAA 1936
6(1)
ITAA 1997
Pt 3-1
116-30(1)
116-30(2)(b)(i)
Subdiv 122-B
TAA 1953