Other Superseded Highlights
- Section 52 — taxpayers obliged to advise the Commissioner each year of assets held for the purpose of making a profit, i.e. trading, and therefore on which a loss would be a deduction (as opposed to investment assets, on which a loss was not deductible). This was effectively how share traders (or the like) advised they were in that business. Making a declaration stopped an investor deciding "after the fact" that a loss was "trading" but a gain was "investing" (tax-free prior to capital gains tax). This section now applies only to pre-CGT assets (i.e. acquired before 20 September 1985), for which obviously by now a declaration must have long since been made.
Read more about this topic: Income Tax Assessment Act 1936
Famous quotes containing the word superseded:
“When man has neither the strength to subdue his underworld powers—which are really the ancient powers of his old, superseded self; nor the wit to placate them with sacrifice and the burnt holocaust; then they come back at him, and destroy him again. Hence every new conquest of life means a “harrowing of Hell.””
—D.H. (David Herbert)