Income tax: capital gains: what is the amount of the consideration in respect of the disposal of an asset by a taxpayer where consideration is actually received but an amount is later paid out by way of damages?

Taxation Determination TD 93/44 is withdrawn with effect from today (and not replaced).

The Income Tax Assessment Act 1997 now allows capital proceeds to be reduced by any amount repaid, to the extent that a deduction is not allowable for the repayment (section 116-50).

TD 93/44 continues to apply to disposals of assets under the Income Tax Assessment Act 1936 occurring before the beginning of the 1998-99 income year.