Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 104.107H

  (1)   Subsection   (2) applies if:

  (a)   paragraph   104 - 107G(3)(a) applies in respect of the * CGT asset's * AMIT cost base net amount for the income year; and

  (b)   that AMIT cost base net amount exceeds the cost of the * CGT asset just before the time mentioned in subsection   104 - 107G(5).

  (2)   Include in your assessable income for the income year in which that time occurs:

  (a)   if the cost of the * CGT asset was nil just before that time--the cost reduction amount; or

  (b)   otherwise--the excess mentioned in paragraph   (1)(b).

  (3)   Subsection   (2) applies despite subsection   104 - 107F(3).

  (4)   For the purposes of section   118 - 20, treat this section as being outside of this Part.

Note:   Section   118 - 20 deals with reducing capital gains if an amount is otherwise assessable.

Table of sections

104 - 110   Granting a lease: CGT event F1

104 - 115   Granting a long - term lease: CGT event F2

104 - 120   Lessor pays lessee to get lease changed: CGT event F3

104 - 125   Lessee receives payment for changing lease: CGT event F4

104 - 130   Lessor receives payment for changing lease: CGT event F5