Taxation Ruling
IT 122H - Notice of Archival
Section 26AAA - property transactions arising from liquidation
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Please note that the PDF version is the authorised version of this ruling.
FOI status:
may be releasedNotice of Archival
Taxation Ruling IT 122 is no longer current and has been archived.
The Ruling considered the application of section 26AAA of the Income Tax Assessment Act 1936 where there was a disposal of property (or an interest in the property) within 12 months under a matrimonial settlement; where it was purchased after 21 August 1973; and sold on or before 25 May 1988. The Ruling applied only where there had been a "purchase" or "sale" as defined by section 26AAA(1)(f) and not a simple division of property.
The sale of such property after 25 May 1988 is subject to Part IIIA (Capital Gains and Capital Losses) of the Income Tax Assessment Act 1936.
Commissioner of Taxation
16 June 1994