Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 110.10

Rules about cost base not relevant for some CGT events

    This table sets out each CGT event for which you do not need to know what the cost base or reduced cost base of a CGT asset is to work out if you make a capital gain or loss. The section describing the event tells you what amount is relevant instead.

 

Rules about cost base not relevant for some CGT events

Event number


Description of event:


See section:

C3

End of option to acquire shares etc.

104 - 30

D1

Creating contractual or other rights

104 - 35

D2

Granting an option

104 - 40

D3

Granting a right to income from mining

104 - 45

E9

Creating a trust over future property

104 - 105

F1

Granting a lease

104 - 110

F3

Lessor pays lessee to get lease changed

104 - 120

F5

Lessor receives payment for changing lease

104 - 130

H1

Forfeiture of deposit

104 - 150

H2

Receipt for event relating to a CGT asset

104 - 155

J5

Failure to acquire replacement asset and to incur fourth element expenditure after a roll - over

104 - 197

J6

Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain

104 - 198

K2

Bankrupt pays amount in relation to debt

104 - 210

K7

Balancing adjustment event happens to depreciating asset

104 - 235

K9

Carried interests

104 - 255

K10

You make a forex realisation gain covered by item   1 of the table in subsection   775 - 70(1)

104 - 260

K11

You make a forex realisation loss covered by item   1 of the table in subsection   775 - 75(1)

104 - 265

K12

Foreign hybrid loss exposure adjustment

104 - 270

L1

Reduction under section   705 - 57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or MEC group

104 - 500

L2

Amount remaining after step 3A etc. of joining allocable cost amount is negative

104 - 505

L3

Tax cost setting amounts for retained cost base assets exceed joining allocable cost amount

104 - 510

L4

No reset cost base assets against which to apply excess of net allocable cost amount on joining

104 - 515

L5

Amount remaining after step 4 of leaving allocable cost amount is negative

104 - 520

L6

Errors in tax cost setting amounts for entity joining consolidated group or MEC group

104 - 525

L8

Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocated

104 - 535

Table of sections

110 - 25   General rules about cost base

110 - 35   Incidental costs

110 - 36   Indexation

What does not form part of the cost base

110 - 37   Expenditure forming part of cost base or element

110 - 38   Exclusions

110 - 40   Assets acquired before 7.30 pm on 13   May 1997

110 - 43   Partnership interests acquired before 7.30 pm on 13   May 1997

110 - 45   Assets acquired after 7.30 pm on 13   May 1997

110 - 50   Partnership interests acquired after 7.30 pm on 13   May 1997

110 - 53   Exceptions to application of sections   110 - 45 and 110 - 50

110 - 54   Debt deductions disallowed by thin capitalisation rules


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