Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 100.45

  1.   Work out your capital proceeds from the CGT event.

  2.   Work out the cost base for the CGT asset.

  3.   Subtract the cost base from the capital proceeds.

  4.   If the proceeds exceed the cost base, the difference is your capital gain .

  5.   If not, work out the reduced cost base for the asset.

  6.   If the reduced cost base exceeds the capital proceeds, the difference is your capital loss .

  7.   If the capital proceeds are less than the cost base but more than the reduced cost base, you have neither a capital gain nor a capital loss .