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INCOME TAX ASSESSMENT ACT 1997 - SECT 102.20

Ways you can make a capital gain or a capital loss

                   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 .



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