Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 245.180

Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets

             (1)  Subject to section 245-185, you may choose:

                     (a)  your * CGT assets whose * cost base and * reduced cost base are subject to reduction under section 245- 175; and

                     (b)  the amount applied in reduction of the cost base and reduced cost base of each of those assets;

so long as the * total net forgiven amount remaining is applied, to the maximum extent possible, in reduction of the cost base and reduced cost base of such assets.

             (2)  If you do not make a choice for the purposes of subsection (1), the Commissioner may make the choice on your behalf in a reasonable way.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback