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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

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

Division 102 - Assessable income includes net capital gain  

Operative provisions  

SECTION 102-20  

102-20  Ways you can make a capital gain or a capital loss  

 ITAA 36
You can make a *capital gain or *capital loss if and only if a *CGT event happens. The gain or loss is made at the time of the event.

Note 1:

The full list of CGT events is in section 104-5 .

Note 2:

The gain or loss may be affected by an exemption, or may be able to be rolled-over. For exemptions generally, see Division 118 . For roll-overs, see Divisions 122 , 123 , 124 and 126 .

Note 3:

You may make a capital gain or capital loss as a result of a CGT event happening to another entity: see subsections 115-215(3) , 170-275(1) and 170-280(3) .

Note 4:

You cannot make a capital loss from a CGT event that happens to your original interests during a trust restructuring period if you choose a roll-over under Subdivision 124-N .

Note 5:

The capital loss may be affected if the CGT asset was owned by a member of a demerger group just before a demerger: see section 125-170 .

Note 6:

Under subsection 230-310(4) gains and losses are taken to arise from a CGT event in particular circumstances.

Note 7:

This section does not apply in relation to the capital gain mentioned in paragraph 294-120(5)(b) of the Income Tax (Transitional Provisions) Act 1997 .


 



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