Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) CGT event I2 happens if a trust stops being a * resident trust for CGT purposes.
(2) The time of the event is when the trust stops being one.
(3) The trustee needs to work out if it has made a * capital gain or a * capital loss for each * CGT asset that it owned (in the capacity as trustee of the trust) just before the time of the event except one that is * taxable Australian property:
(a) covered by item 1 or 3 of the table in section 855 - 15; or
(b) covered by item 4 of that table because it is an option or right to * acquire a * CGT asset covered by item 1 or 3 of that table.
(4) The trustee makes a capital gain if the * market value of the asset (at the time of the event) is more than the asset's * cost base. The trustee makes a capital loss if that market value is less than the asset's * reduced cost base.
(4A) If the asset is an * indirect Australian real property interest, or an option or right to acquire such an interest, this Part and Part 3 - 3 apply to the asset as if the first element of the * cost base and * reduced cost base of the asset (just after the time of the event) were its * market value at the time of the event.
(4B) Subsection (4A) does not apply if the * capital gain or * capital loss the trustee makes is disregarded under subsection (5).
(5) A * capital gain or * capital loss the trustee makes is disregarded if it * acquired the asset before 20 September 1985.
104 - 175 Company ceasing to be member of wholly - owned group after roll - over: CGT event J1
104 - 180 Sub - group break - up
104 - 182 Consolidated group break - up
104 - 185 Change in relation to replacement asset or improved asset after a roll - over under Subdivision 152 - E: CGT event J2
104 - 190 Replacement asset period
104 - 195 Trust failing to cease to exist after roll - over under Subdivision 124 - N: CGT event J4
104 - 197 Failure to acquire replacement asset and to incur fourth element expenditure after a roll - over under Subdivision 152 - E: CGT event J5
104 - 198 Cost of acquisition of replacement asset or amount of
fourth element expenditure, or both, not sufficient to cover disregarded
capital gain: CGT event J6