Income tax: self assessment: can a person obtain a private ruling in terms of Part IVAA of the Taxation Administration Act 1953 (TAA) on whether a contract entered into on or after 1 July 1992 gives rise to a disposal of an asset in terms of section 160M of the Income Tax Assessment Act 1936 (ITAA)?

Taxation Determination TD 97/22 explained that a person can obtain a private ruling under Part IVAA of the Taxation Administration Act 1953 (TAA) on whether a contract entered into on or after 1 July 1992 gives rise to a disposal of an asset in terms of section 160M of the Income Tax Assessment Act 1936 (ITAA 1936).

Section 160M of the ITAA 1936 is not operative after 21 June 1998 and for the 1998-1999 and later income years.

Part IVAA of the TAA has been repealed. Division 359 of Schedule 1 to the TAA applies to applications for private rulings made on or after 1 January 2006.

Accordingly, this Taxation Determination is no longer current.