Putting out more flags Speech by Michael D'Ascenzo, Commissioner of Taxation, to the National Institute of Accountant’s Public Practice Symposium, in Perth on 17 April 2008.
Certain 'wash sale' arrangements under review Tax Commissioner Michael D'Ascenzo issued a taxpayer alert warning people to be cautious about certain 'wash sale' arrangements to reduce capital gains or claim deductions TA 2008/7 – Application of Part IVA of the Income Tax Assessment Act 1936 to 'wash sale' arrangements This Taxpayer Alert describes an arrangement called a 'wash sale' where an asset is disposed of, but there is no substantial change in economic interest in the asset. This may occur where the interest in the asset is in some way reinstated by the taxpayer, in order to apply a resulting capital loss or allowable deduction against a capital gain or assessable income already derived or expected to be derived.
Commissioner of Taxation v Starr and Hopkins Outlines the Tax Office's response to this case which concerned the meaning of the phrase 'tax avoidance scheme' in the former subsection 224(2) of the Income Tax Assessment Act 1936.
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