Taxation Ruling
IT 122W - Withdrawal
Income tax: section 26AAA - disposal of property under matrimonial settlement
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Please note that the PDF version is the authorised version of this withdrawal notice.
FOI status:
may be releasedNOTICE OF WITHDRAWAL
Taxation Ruling IT 122 is withdrawn with effect from today.
1. Taxation Ruling IT 122 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 paragraph 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.
2. IT 122 was the subject of a Notice of Archival on 16 June 1994.
3. IT 122 is now being withdrawn in accordance with paragraph 5 of Addendum No. 3 to Taxation Ruling IT 1 Taxation Ruling System: explanation and status, which states:
We will withdraw progressively all Rulings in the IT series for which we have issued Notices of Archival.
Commissioner of Taxation
24 May 2006