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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 104 - CGT events  

Subdivision 104-C - End of a CGT asset  

SECTION 104-20  Loss or destruction of a CGT asset: CGT event C1  

104-20(1)  

 ITAA 36
CGT event C1 happens if a *CGT asset you own is lost or destroyed.

Note:

This event can apply to part of a CGT asset: see section 108-5 (definition of CGT asset).

104-20(2)  

 ITAA 36
The time of the event is:


(a) when you first receive compensation for the loss or destruction; or


(b) if you receive no compensation - when the loss is discovered or the destruction occurred.

104-20(3)  

 View history reference ITAA 36
You make a capital gain if the *capital proceeds from the loss or destruction are more than the asset's *cost base. You make a capital loss if those capital proceeds are less than the asset's *reduced cost base.

Exception

104-20(4)  

 ITAA 36
A *capital gain or *capital loss you make is disregarded if you *acquired the asset before 20 September 1985.


 



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