EV 1052403267510currentnon-binding advice

CGT - compulsory acquisition

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

1 Will the proposed acquisition of property satisfy the 'same' or 'similar' purpose test for the purposes of subsection 124-75(4) of the Income Tax Assessment Act 1997 ?

2

1 Yes. The Commissioner accepts that the proposed acquisition will satisfy the 'same' or 'similar' purpose test for the purposes of subsection 124-75(4). This ruling applies for the following period : Income year ending 30 June 20XX The scheme commenced on: 1 July 20XX

3

Entity A owned the properties that were leased to tenants to derive rental income. A 'Taking of Land' notice was published in the Government Gazette and covered the properties owned by Entity A. Entity A is considering acquiring a replacement property to derive rental income from leasing it.

4

Income Tax Assessment Act 1997 subsection 124-75(4)