ITAActKB

Edit this topic to add a description to the ITAActKB

PERSON the taxpayer
PERSONTHING company, partnership or trust estate
THING relevant property

LINK the taxpayer TO http://www5.austlii.edu.au/au//legis/cth/consol_act/itaa1936240/s177a.html#taxpayer
LINK SECT 25A TO http://www5.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s25a.html
LINK the company TO http://www5.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s24aw.html#company
LINK partnership TO http://www5.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s6.html#partnership
LINK trust estate TO http://www5.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s317.html#trust
LINK share TO http://www5.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s6.html#share
LINK interest TO http://www5.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s160zzv.html#interest
LINK Income Tax Assessment Act 1936 (Cth) -s25A TO
http://www5.austlii.edu.au/au/legis/cth/consol_act/itaa1936240/s25a.html

GOAL RULE Income Tax Assessment Act 1936 (Cth)- s25A(3) applies to the Commissioner to consider relevant matters to assess income with profit PROVIDES
Income Tax Assessment Act 1936 s25A(2) does not apply in relation to the
sale by a taxpayer of property ONLY IF
the Commissioner has had regard to the relevant matters in Income Tax
Assessment Act 1936 s25A(3)(a) to (d)
AND the Commissioner does consider that it is not appropriate that that
subsection should apply in relation to the sale of the property by the
taxpayer

RULE Income Tax Assessment Act 1936 (Cth)- s25A(3) - Considerations PROVIDES
the Commissioner has had regard to the relevant matters in Income Tax
Assessment Act 1936 s25A(3)(a) to (d) ONLY IF
the Commissioner has considered (a) the extent to which the assets of
the company, partnership or trust estate, as the case may be, referred
to in paragraph (2)(a), immediately before the time of sale, consisted
of the property referred to in subparagraph (2)(b)(i) or the interest
referred to in subparagraph (2)(b)(ii) AND
the Commissioner has considered (b) the nature and extent, immediately
before the time of sale, of the taxpayer's control of the company,
partnership or trust estate, as the case may be, referred to in
paragraph (2)(a) including, in the case of a company, the nature and
the extent of the taxpayer's shareholding in the company AND
the Commissioner has considered (c) the circumstances surrounding any other sale, whether or not by the taxpayer, of shares in the company, or an interest in the partnership or trust estate, as the case may be, referred to in paragraph 2(a) being a sale at a time when the property of that company, partnership or trust estate included the property referred to in subparagraph (2)(b)(i) or the interest referred to in subparagraph (2)(b)(ii), as the case may be AND
the Commissioner has considered relevant (d) that it is not appropriate that that subsection should apply in relation to the sale of the property by the taxpayer

GOAL RULE Income Tax Assessment Act 1936 (Cth)- s25A(2) applies to be subject to Subsection (3) PROVIDES
Income Tax Assessment Act 1936 s25A(2) is subject to Subsection (3)
to assess the income includes the profit ONLY IF
after 23 August 1983, a taxpayer sold or sells property AND
at the time of sale of the relevant property,
the company, partnership or trustee of the trust estate, held property OR
the company, partnership or trustee of the trust estate, held an interest,
through one or more interposed companies, partnerships or trusts, in property

RULE Income Tax Assessment Act 1936 (Cth)- s25A(2) conditions PROVIDES
subsection (a) applies ONLY IF that relevant property are shares in a private company OR
that relevant property is an interest in a partnership OR
that relevant property is an interest in a private trust estate

RULE Income Tax Assessment Act 1936 (Cth)- s25A(2) PROVIDES
subsection (b) applies ONLY IF that relevant property was acquired for the purpose of
profit-making by sale by the company, partnership or trustee, as the case may be AND
that relevant property was not excepted property of the company, partnership or trust estate, as the case may be

RULE Income Tax Assessment Act 1936 (Cth)- s25A(2) PROVIDES
s25A(2) applies ONLY IF
s25A(2)(a) applies AND
s25A(2)(b) applies

RULE Income Tax Assessment Act 1936 (Cth)- s25A(2) consequence PROVIDES
IF Income Tax Assessment Act 1936 (Cth)- s25A(2) applies THEN the taxpayer shall, for the purposes of the application of this Act (including any application of any other provision of this section), be deemed to have acquired the relevant property for the purpose of profit-making by sale