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Abel Realty Pty Ltd
ACN 059 398 337
8 Greenhill Road,
Wayville
P O Box 176, Glenside,
South Australia, 5065
Tel 1300 309 209
(local call within Australia)
International Tel
+61 8 83657965
Fax +61 8 83658257
Registered Real Estate
Agents, Auctioneers,
Property Managers,
Members of the Real
Estate Institute of
South Australia Inc.
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ATO announces changes to capital gains tax
5 March 2004
GST-registered taxpayers who have had an assessable capital gain
or loss may be able to claim income tax refunds following the
release of Draft Tax Determination TD 2004/D3 on 25 February
2004.
This determination explains the Tax Office’s view before
amendments to capital gains tax law, expected to take effect
from 20 February 2004.
The amended legislation will require people to exclude GST input
tax credits when calculating capital gains or losses.
Taxpayers registered for GST may now be able to claim tax
refunds if they followed previous Tax Office advice when
calculating capital gains or losses on assets sold between 1
July 2000 and 19 February 2004, as provided in the Australian Taxation Office’s Guide
to Capital Gains Tax booklet for the 2001, 2002 and 2003 years.
The Tax Office will be explaining changes to taxpayers and tax
agents through electronic tax agent broadcasts, large business
bulletins and other information on its website. Guide material
and literature will also be updated to reflect the law change.
For more information phone the Tax Office on 13 28 66 or see the
Australian Taxation Office (ATO) website: www.ato.gov.au
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Readers should not act solely on the material contained in this
news article. The material contained herein is general comment only
and not intended as advice on any particular matter. All
information is believed to be accurate, but no warranties or guarantees
are given by the publisher, editor or authors.
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