Australia: Consultation on updated draft ruling on application of “capital gains tax event K6”

Consultation on the updated draft taxation ruling closes February 14, 2025.

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December 13, 2024

The Australian Taxation Office (ATO) released an updated draft taxation ruling (TR 2004/18DC) on the application of "capital gains tax (CGT) event K6," which revises aspects of the ATO's view on how to calculate the capital gain when CGT event K6 happens.

By way of background, the purpose of CGT Event K6 is to tax the disposal of pre-CGT shares or units when a company or trust has acquired property after September 20, 1985 (post-CGT property) with a market value that represents at least 75% of the net value of the company or trust. 

The updated ruling is proposed to apply both before and after its date of issuance, but taxpayers may rely on either the original or amended version of the ruling for K6 events that happened before the final update's date of issue.

Consultation on the updated draft taxation ruling closes February 14, 2025.

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