Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.107E

AMIT cost base increase amount

             (1)  The * CGT asset's AMIT cost base increase amount for the income year is the total of the 2 amounts set out in the following subsections.

First amount--total of amounts not related to capital gains

             (2)  The first amount is the total of all of the following amounts included in your assessable income or * non-assessable non-exempt income for the income year in respect of the * AMIT, to the extent that they are reasonably attributable to the * CGT asset:

                     (a)  amounts so included because of the operation of section 276-80;

                     (b)  amounts so included otherwise than because of the operation of section 276-80 (as reduced in accordance with section 276-100).

             (3)  For the purposes of subsection (2), disregard the * AMIT's * net capital gain (if any) for the income year.

Second amount--total of amounts related to capital gains

             (4)  The second amount is the total of each * determined member component of a character relating to * capital gains that:

                     (a)  you have for the income year in respect of the * AMIT; and

                     (b)  is taken into account under section 276-80.

Residence assumption

             (5)  For the purposes of working out amounts under subsections (2) and (4), assume that you are an Australian resident.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback