Taxation Ruling IT 2484A1 - Addendum - Income tax: capital gains: time of acquisition of patent



Ruling: 1. Paragraph 1: Omit 'Part IIIA of the Income Tax Assessment Act'; substitute 'Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 (ITAA 1997)'. | 2. Paragraph 2: Omit the paragraph; substitute: | 3. Paragraph 3: Omit the words 'an asset'; substitute 'a CGT asset'.




This Addendum amends Taxation Ruling IT 2484 to reflect the rewritten capital gains tax provisions in Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997 . | This addendum applies from 14 September 2006, the date of effect of the repeal of the former capital gains tax provisions in Part IIIA of the Income Tax Assessment Act 1936 by Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 . | 2. You acquire a CGT asset that you create and you own when it is created, at the time when the work that resulted in its creation started: [item 1 of section 109-10 of the ITAA 1997].


Related rulings: IT 2484
Legislative references: Omit '160U'; substitute 'ITAA 1997 109-10' | This Addendum applies from 14 September 2006. | Commissioner of Taxation 14 May 2008