Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 104.72

Reducing your capital gain under CGT event E4 if you are a trustee

             (1)  A * capital gain you make under subsection 104-70(4) is reduced if:

                     (a)  you are the trustee of another trust that is a * fixed trust and is not a * complying superannuation entity; and

                     (b)  you are taken to have a * capital gain under paragraph 115-215(3)(b) or (c) (your notional gain ) in respect of a corresponding trust gain (the trust gain ); and

                     (c)  some or all (the attributable amount ) of the total of the non-assessable parts referred to in subsection 104-70(4) is attributable to proceeds from the trust gain.

             (2)  The * capital gain is reduced (but not below 0) by the lesser of:

                     (a)  your notional gain; and

                     (b)  the attributable amount.



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