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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  

Guide to Division 102  

SECTION 102-3  Concessions in working out your net capital gain  

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102-3(1)  

Concessional rules apply to working out the net capital gain of some entities (see subsection (2)) if:


(a) they have a capital gain (a discount capital gain ) from a CGT asset acquired at least 12 months before the CGT event that caused the capital gain; and


(b) they have not chosen to include indexation in the cost base of the asset for working out the capital gain (if relevant).

Note 1:

Division 115 explains what is a discount capital gain.

Note 2:

Under Division 110 , the entity can choose to include indexation in the cost base of a CGT asset acquired at or before 11.45 am on 21 September 1999.

102-3(2)  

Only these entities get the concession:


(a) individuals;


(b) complying superannuation entities;


(c) trusts;


(d) life insurance companies, in relation to discount capital gains for CGT events in respect of CGT assets that are complying superannuation assets.
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Note:

Shareholders in a listed investment company can also receive a concession equivalent to a discount capital gain: see Subdivision 115-D .

102-3(3)  

The concession is that the net capital gain includes only part of the amount of the discount capital gain left after applying capital losses and net capital losses from earlier income years.

See subsection 102-5(1) .


TABLE OF SECTIONS

Operative provisions
102-5Assessable income includes net capital gain
102-10How to work out your net capital loss
102-15How to apply net capital losses
102-20Ways you can make a capital gain or a capital loss
102-22Amounts of capital gains and losses
102-23CGT event still happens even if gain or loss disregarded
102-25Order of application of CGT events
102-30Exceptions and modifications


 



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