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INCOME TAX ASSESSMENT ACT 1997 - SECT 104.250

Direct value shifts: CGT event K8

             (1)  CGT event K8 happens if there is a * taxing event generating a gain for a * down interest under section 725- 245.

Note:          That section sets out some of the CGT consequences of a direct value shift for affected owners of down interests. See also the rest of Division 725.

             (2)  The time of the event is the * decrease time for the * down interest.

             (3)  You make a capital gain equal to the gain generated for the taxing event.

Note:          You cannot make a capital loss.

             (4)  If, because of the same * direct value shift, there are 2 or more * taxing events generating a gain that are covered by subsection (1), CGT event K8 happens for each of those taxing events, and you make a separate capital gain for each.

Exceptions

             (5)  A * capital gain is disregarded if the * down interest is a * pre-CGT asset.



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