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TD 2003/1currentchange

Income tax: capital gains: can the first element of the cost base of a CGT asset in subsection 110-25(2) of the Income Tax Assessment Act 1997 include money paid or property given to an entity other than the one from which the asset was acquired?

Yes. The money does not have to be paid or property given to the entity from which the asset was acquired. However, the money or property still needs to have been paid or given in respect of the acquisition of the asset.

This Determination applies both before and after its date of issue. However, this Determination does not apply to taxpayers to the extent that it conflicts with the terms of settlement of a dispute agreed to before the date of the Determination (see paragraphs 21 and 22 of Taxation Ruling TR 92/20).

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