Commonwealth Consolidated Acts

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

INCOME TAX ASSESSMENT ACT 1997 - SECT 725.255

Multiple CGT consequences for the same down interest or up interest

             (1)  A * down interest or * up interest of which you are an * affected owner may be covered by 2 or more items in the table in subsection 725-250(2).

             (2)  If the * cost base or * reduced cost base of the same * down interest or * up interest is decreased or uplifted under 2 or more items, it is decreased or uplifted by the total of the amounts worked out under those items.

Note:          If subsection 725-250(3) is relevant, it will affect all the uplifts worked out under all those items.

             (3)  If for a particular * down interest there is a * taxing event generating a gain under an item in the table in section 725- 245, that taxing event is in addition to:

                     (a)  each taxing event generating a gain for that interest under any other item in that table; and

                     (b)  each decrease in the * cost base or * reduced cost base of the interest under an item in the table in subsection 725-250(2).

Table of sections

725-310    Consequences for down interest or up interest as trading stock

725-315    Adjustable value of trading stock

725-320    Consequences for down interest or up interest as a revenue asset

725-325    Adjustable value of revenue asset

725-335    How to work out those consequences

725-340    Multiple trading stock or revenue asset consequences for the same down interest or up interest



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback