Submission by the Taxation Institute of Australia, the Institute of Chartered Accountants in Australia, the Australian Society of CPAs and the Australian Taxpayers' Association in relation to Draft Determinations TD 1999/D65 to TD 1999/D70. TD 1999/D65 Income tax: capital gains: if Australian currency facilitates a CGT event happening to a CGT asset, how is the Australian currency treated for capital gains purposes? Comment-The essence of this draft Taxation Determination appears to be that cash (other than collectables) is not an asset for Capital Gains Tax purposes. Assuming that to be the case, it may be preferable to state that specifically in the Taxation Determination.
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