Private ruling: Capital gains tax (CGT) – CGT event A1 - timing
Date of advice: 8 October 2018
Published: November 2018
Ruling period: Financial year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Did CGT event A1 happen on DD/MM/YYYY? | A1: Yes. CGT event A1 happened when you entered into the contract to dispose of the CGT asset.

Relevant facts and circumstances: You owned a CGT asset, being an investment in a trust fund. On DD/MM/YYYY you sent a withdrawal instruction to the fund manager. The fund manager advised in writing that they received your request on DD/MM/YYYY and that your request was acted upon on that day. Due to their policies the fund’s records show the transaction as having an effective date of the next business day.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 104-10(3)