Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 102.20

    You can make a * capital gain or * capital loss if and only if a * CGT event happens. The gain or loss is made at the time of the event.

Note 1:   The full list of CGT events is in section   104 - 5.

Note 2:   The gain or loss may be affected by an exemption, or may be able to be rolled - over. For exemptions generally, see Division   118. For roll - overs, see Divisions   122, 123, 124 and 126.

Note 3:   You may make a capital gain or capital loss as a result of a CGT event happening to another entity: see subsections   115 - 215(3), 170 - 275(1) and 170 - 280(3).

Note 4:   You cannot make a capital loss from a CGT event that happens to your original interests during a trust restructuring period if you choose a roll - over under Subdivision   124 - N.

Note 5:   The capital loss may be affected if the CGT asset was owned by a member of a demerger group just before a demerger: see section   125 - 170.

Note 6:   Under subsection   230 - 310(4) gains and losses are taken to arise from a CGT event in particular circumstances.

Note 7:   This section does not apply in relation to the capital gain mentioned in paragraph   294 - 120(5)(b) of the Income Tax (Transitional Provisions) Act 1997 .