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ATO Releases – Rulings/Determinations

Tax Telegraph, November 2013

ATO ID 2013/53

Foreign exchange gains and losses

The Commissioner cannot exercise the discretion under section 775-80(3)(c) of the ITAA 1997 to allow a taxpayer a longer period to elect out of the short term forex realisation rules, where the taxpayer was not in existence at the start of the applicable commencement date, and did not come into existence within 90 days after the start of the applicable commencement date.

TD 2013/19

Capital gains tax

For the purpose of determining when a capital improvement to a CGT asset is treated as a separate CGT asset, the Commissioner has released for the 2013-14 income year, the improvement threshold which is $136,884.

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