ATO now accepts deductibility of village capital gains payments after Retirement Living Council representations operators may ask for amended assessments
Executive Director of the Retirement Living Council, Mary Wood, has issued a bulletin that the ATO has decided to overturn its approach to deductibility of capital gain payments to residents, after successful representations by the RLC and, before...
Executive Director of the Retirement Living Council, Mary Wood, has issued a bulletin that the ATO has decided to overturn its approach to deductibility of capital gain payments to residents, after successful representations by the RLC and, before that, the Retirement Village Association (RVA).
The ATO now accepts that such payments are deductible, and it will amend a previous public taxation ruling (paragraph 50 of TR 2002/14) accordingly. This is outlined in a Decision Impact Statement relating to a 2013 Administrative Appeals Tribunal case, titled 'Retirement Village Operator'. You can read the DIS here. The DIS also outlines how to ask the Commissioner to amend an assessment as a result of the change.
The ATO is seeking feedback on the DIS. The RLC's Tax Committee is seeking clarification of how many years back operators can now seek amended tax assessments for.
