Income tax: capital gains: when is the grant of the deemed option in paragraph 160ZZC(12)(a) taken to have occurred?

Taxation Determination 92/116 is withdrawn with effect from today.

CGT event H1 in section 104-150 of the Income Tax Assessment Act 1997 considers the CGT consequences when the deposit relating to a prospective purchase or other transaction is forfeited. It clearly states that the time of the event is when the deposit is forfeited. As the the law is expressed clearly it is considered that no further explanation is needed.