Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:3_55:p1
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 3 cl 55 (pt 1/3)
Character Range: 126574–129224

55           Section 79A            Residents of isolated areas

If the application involves additional categories

360‑100  When Commissioner must make oral ruling if satisfied that your tax affairs and inquiry are simple

 (1) The Commissioner must also comply with your application if:
 (a) he or she is satisfied that your application complies with Subdivision 360‑A; and
 (b) in his or her opinion, your *tax affairs were simple throughout the *inquiry period; and
 (c) in his or her opinion, your inquiry is simple; and
 (d) he or she is satisfied that your assessable income for the inquiry period consisted only of one or more items, each of which is covered by section 360‑70 or 360‑105; and
 (e) he or she is satisfied that your *exempt income (if any) for the inquiry period consisted only of one or more items covered by section 360‑75; and
 (f) he or she is satisfied that your deductions for the inquiry period consisted only of one or more items, each of which is covered by section 360‑80 or 360‑110; and
 (g) he or she is satisfied that your *tax offsets for the inquiry period consisted only of one or more items, each of which is covered by section 360‑85 or 360‑115; and
 (h) he or she is satisfied of the matters in subsections (2), (3) and (4) (about your capital gains tax situation);
unless Subdivision 360‑C prevents the Commissioner from complying with the application.

CGT events

 (2) The Commissioner must be satisfied that during the inquiry period no *CGT event happened from which you could have made a *capital gain or *capital loss (even if you did not make one from the event), except a CGT event from which you could have made a *capital gain or *capital loss covered by subsection (3).

Capital gains and losses

 (3) The Commissioner must be satisfied that each *capital gain (if any), and each *capital loss (if any), that you made during the inquiry period:
 (a) is to be disregarded because of section 118‑5 of the Income Tax Assessment Act 1997 (about cars, motor cycles and valour decorations); or
 (b) resulted from *CGT event A1 happening in relation to shares in a company that was an Australian resident and a *listed public company, and whose shares were listed for quotation in the official list of the Australian Stock Exchange Limited, throughout the period when you owned the first‑mentioned shares; or
 (c) resulted from *CGT event A1 or E4 happening in relation to units in a unit trust that was a *resident trust for CGT purposes and a *listed widely held trust, and whose units were listed for quotation in the official list of the Australian Stock Exchange Limited, throughout the period